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) January 12, 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
On January 12, 1998, the Company announced its sixth 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 during the next twelve months,
which shall commence upon the completion of the remaining 99,000 shares of the
Company's fifth stock repurchase program which was announced in April 1997.
Item 7 (c). Exhibits
Exhibit 99.1 Press Release announcing the Company's sixth 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: January 20, 1998
EXHIBIT 99.1
RELIANCE BANCORP, INC.
585 STEWART AVENUE (516) 222-9300
GARDEN CITY, NY 11530 FAX: (516) 222-4559
NEWS RELEASE
FOR IMMEDIATE RELEASE January 12, 1998
For Information Contact:
Paul D. Hagan
Senior Vice President-CFO
(516) 222-9308 extension 215
RELIANCE BANCORP, INC. ANNOUNCES SIXTH STOCK
REPURCHASE PROGRAM
Garden City, New York, January 12, 1998
Reliance Bancorp, Inc. (NASDAQ/NMS:RELY) the holding company for Reliance
Federal Savings Bank announced that its Board of Directors approved the
Company's sixth 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 during the next twelve months which shall commence upon the completion of
the Company's fifth stock repurchase program which was announced in April of
1997. The Company has approximately 99,000 shares remaining to be repurchased
under the fifth stock repurchase program.
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.
