SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported) September 1, 1998
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COMMISSION FILE NO.: 0-23126
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RELIANCE BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 11-3187176
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(State or other Jurisdiction of Incorporation (IRS Employer or
organization) Identification No.)
585 Stewart Avenue, Garden City, New York 11530
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(Address of principal executive officer) (Zip Code)
Registrant's telephone number, including area code: (516) 222-9300
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Item 5. Other Events
The Company announced that it has completed its previously announced sixth
stock repurchase program. The Company said it repurchased 494,000 shares of its
outstanding common stock, par value $.01 per share, in open market transactions
at an aggregate cost of approximately $13.6 million. Upon settlement of the last
transaction on or about September 4, 1998, there will be 9,174,438 shares of
Reliance Bancorp, Inc. common stock outstanding.
The Company also announced that its Board of Directors approved the
Company's seventh stock repurchase plan. The Company has been authorized by its
Board of Directors to repurchase up to 500,000 of the Company's outstanding
shares.
Item 7 (c). Exhibits
Exhibit 99.1 Press Release for the completion of sixth stock repurchase and
announcing the seventh stock repurchase program.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: /s/ Raymond A. Nielsen
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Raymond A. Nielsen
President and
Chief Executive Officer
Dated: September 3, 1998
EXHIBIT 99.1
RELIANCE BANCORP, INC.
585 STEWART AVENUE (516) 222-9300
GARDEN CITY, NY 11530 FAX: (516) 222-1997
NEWS RELEASE
FOR IMMEDIATE RELEASE September 1, 1998
For Information Contact:
Paul D. Hagan
Senior Vice President-CFO
(516) 222-9308 extension 215
RELIANCE BANCORP, INC. COMPLETES SIXTH STOCK
REPURCHASE AND ANNOUNCES SEVENTH STOCK REPURCHASE PROGRAM
Garden City, New York, September 1, 1998
Reliance Bancorp, Inc. (NASDAQ/NMS:RELY) the holding company for Reliance
Federal Savings Bank today announced that it has completed its previously
announced sixth stock repurchase program. The Company said it repurchased
494,000 shares of its outstanding common stock, par value $.01 per share, in
open market transactions at an aggregate cost of approximately $13.6 million.
Upon settlement of the last transaction on or about September 4, 1998, there
will be 9,174,438 shares of Reliance Bancorp, Inc. common stock outstanding.
The Company also announced that its Board of Directors approved the Company's
seventh stock repurchase plan. The Company has been authorized by its Board of
Directors to repurchase up to 500,000 of the Company's outstanding shares.
Raymond A. Nielsen, President and Chief Executive Officer stated that the Board
of Directors and management are committed to growing long-term value for Company
stockholders and believe the repurchase of common stock represents a sound
investment of Company funds and a good capital management tool. The repurchase
will be made in open-market or privately negotiated transactions, subject to the
availability of stock, acceptable pricing of the stock and such timing
limitations as may be appropriate.
Reliance Federal Savings Bank is headquartered in Garden City, N.Y. operating
through its administrative office in Garden City and 30 banking offices located
in the New York counties of Queens, Nassau and Suffolk. The Bank's deposits are
insured by The Federal Deposit Insurance Corporation. Additional information on
the Company and Bank can be found on our Internet website at
www.reliance-federal.com.
