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) March 17, 1999
COMMISSION FILE NO.: 0-23126
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 March 17, 1999, the Company announced a regular cash dividend of
$0.21 per common share for the quarter ended March 31, 1999, an increase of
$0.03 or 16.7% from the second quarter of fiscal year 1999. The dividend will be
payable on April 16, 1999 to stockholders of record on April 2, 1999.
Item 7 (c). Exhibits
Exhibit 99.1 Press Release announcing declaration of cash dividend dated March
17, 1999.
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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: March 23, 1999
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 March 17, 1999
For Information Contact:
Paul D. Hagan
S.V.P. - Chief Financial Officer
(516) 222-9308 extension 215
RELIANCE BANCORP, INC. ANNOUNCES 16.7% INCREASE IN THIRD QUARTER
CASH DIVIDEND FOR FISCAL YEAR 1999
Garden City, New York, March 17, 1999
Reliance Bancorp, Inc. (NASDAQ/NMS:RELY), today announced that its Board of
Directors has declared a regular cash dividend of $0.21 per common share for the
quarter ending March 31, 1999, an increase of $0.03 or 16.7% from the regular
cash dividend paid for the second quarter of fiscal year 1999. The dividend will
be payable on April 16, 1999 to stockholders of record on April 2, 1999.
Raymond A. Nielsen, President and Chief Executive Officer commented, "The Board
of Directors' action to increase the cash dividend is reflective of the
Company's strong cash earnings and consistent with the Company's stated
objective of enhancing long term stockholder value. As a result of our past
acquisitions, the Company has been experiencing strong cash earnings which
enables the Company to use tangible capital growth to increase cash dividends
and repurchase stock." Mr. Nielsen also indicated that the Company still has
authorization under its previously announced stock repurchase program to
repurchase up to 500,000 of the Company's outstanding shares. Based upon today's
closing stock price of $28.00, the increased dividend represents an annual yield
of 3.0% and the stock is presently trading at a price earnings ratio of 11.6
based upon the prior quarter annualized diluted earnings per share. In addition,
using prior quarter annualized diluted cash earnings per share, the stock is
trading at a price cash earnings ratio of 8.9.
Reliance Bancorp, Inc. is the holding company for Reliance Federal Savings Bank
and has assets of $2.5 billion. Reliance Bancorp, Inc. and Reliance Federal
Savings Bank are headquartered in Garden City, New York and operate 29 banking
offices, located in the Long Island, New York counties of Queens, Nassau and
Suffolk. Reliance Federal is a community bank specializing in providing deposit
and credit services for its consumer and commercial customers. Additional
information on the Company and Bank can be found on our Internet website at
www.reliance- federal.com.
