<PAGE> 1

 As filed with the Securities and Exchange Commission on January 24, 1997
                                                Registration No. 333-
                                                                     -----------
================================================================================
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                    FORM S-8
                            REGISTRATION STATEMENT
                       UNDER THE SECURITIES ACT OF 1933
                            RELIANCE BANCORP, INC.
 (exact name of registrant as specified in its certificate of incorporation)

DELAWARE                                  6035                    11-3187176
(state or other jurisdiction of     (Primary Standard           (IRS Employer
incorporation or organization)   Classification Code Number) Identification No.)
 
                               585 STEWART AVENUE
                           GARDEN CITY, NEW YORK 11530
                                 (516) 222-9300
               (Address, including zip code, and telephone number,
        including area code, of registrant's principal executive offices)

                  RELIANCE BANCORP, INC. 1996 STOCK OPTION PLAN
                            (Full Title of the Plan)

RAYMOND A. NIELSEN                        COPIES TO:
CHIEF EXECUTIVE OFFICER AND PRESIDENT     DOUGLAS P. FAUCETTE, ESQUIRE
RELIANCE BANCORP, INC.                    LAWRENCE M.F. SPACCASI, ESQUIRE
585 STEWART AVENUE                        PHILIP G. FEIGEN, ESQUIRE
GARDEN CITY, NEW YORK  11530              MULDOON, MURPHY & FAUCETTE
(516) 222-9300                            5101 WISCONSIN AVENUE, N.W.
(Name, address, including zip code,       WASHINGTON, DC  20016
and telephone number, including area      (202) 362-0840
code, of agent for service)  

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: As soon as
               practicable after this Registration Statement becomes effective.

 If any of the securities being registered on this Form are to be offered on a
  delayed or continuous basis pursuant to Rule 415 under the Securities Act of
                      1933, check the following box. / X /

<TABLE>
<CAPTION>

===================================================================================================
Title of each Class of        Amount to be    Proposed Purchase  Estimated Aggregate  Registration
Securities to be Registered   Registered(1)    Price Per Share     Offering Price         Fee
===================================================================================================
    <S>                         <C>                <C>                <C>                 <C>
    Common Stock                450,000
    $.01 par Value              Shares (2)         $18.27 (3)         $8,221,050          $2,570
===================================================================================================
</TABLE>
(1)Together with an indeterminate number of additional shares which may be
   necessary to adjust the number of shares reserved for issuance pursuant to
   the Reliance Bancorp, Inc. 1996 Stock Option Plan (the "Plan") as the result
   of a stock split, stock dividend or similar adjustment of the outstanding
   Common Stock of Reliance Bancorp, Inc., pursuant to 17 C.F.R. ss.230.416(a).
(2)Represents the total number of shares currently reserved or available for 
   issuance as options pursuant to the Plan.
(3)Weighted average price determined by the exercise price of $15.75 
   per share at which options for 128,100 shares under the Plan have been
   granted to date, by the exercise price of $19.125 per share at which options
   for 196,200 shares under the Plan have granted to date and by $19.50 the
   market value of the Common Stock on January 23, 1997 as determined by the
   average of the high and low prices listed on the Nasdaq Stock Market as
   reported in the Wall Street Journal, for 125,700 shares for which options
   have not yet been granted under the Plan.

THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE IMMEDIATELY UPON FILING IN
ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, AS AMENDED, (THE
"SECURITIES ACT") AND 17 C.F.R. SS.230.462.

Number of Pages 15
Exhibit Index begins on Page 10


<PAGE> 2



RELIANCE BANCORP, INC.

PART I     INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

ITEMS 1 & 2. The documents containing the information for the Reliance Bancorp,
Inc. (the "Company" or the "Registrant") 1996 Stock Option Plan (the "Plan")
required by Part I of the Registration Statement will be sent or given to the
participants in the Plan as specified by Rule 428(b)(1). Such document is not
filed with the Securities and Exchange Commission (the "SEC") either as a part
of this Registration Statement or as a prospectus or prospectus supplement
pursuant to Rule 424 in reliance on Rule 428.

PART II   INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

      The following documents filed or to be filed with the SEC are incorporated
by reference in this Registration Statement:

      (a) The Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 1996, which includes the consolidated statements of financial condition
of the Company and subsidiary as of June 30, 1996 and 1995, and the related
consolidated statements of income, changes in stockholders' equity and cash
flows for each of the years in the three-year period ended June 30, 1996,
together with the related notes and the report of KPMG Peat Marwick LLP,
independent certified public accountants filed with the SEC (File No.
0-23126).

      (b) The Form 10-Q report filed by the Registrant for the fiscal quarter
ended September 30, 1996 (File No. 0-23126), filed with the SEC on November 14,
1996.

      (c) The Form 8-K report filed by the Registrant (File No. 0-23126) with 
the SEC on October 1, 1996.

      (d) The description of Registrant's Common Stock contained in Registrant's
Form 8-A (File No. 0-23126), as filed with the SEC pursuant to Section 12(g) of
the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 12b-15
promulgated thereunder on September 27, 1996.

      (e) All documents filed by the Registrant pursuant to Section 13(a) and
(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the
filing of a post-effective amendment which deregisters all securities then
remaining unsold.

       ANY STATEMENT CONTAINED IN THIS REGISTRATION STATEMENT, OR IN A DOCUMENT
INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN, SHALL BE DEEMED
TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS REGISTRATION STATEMENT TO THE
EXTENT THAT A STATEMENT CONTAINED HEREIN, OR IN ANY OTHER SUBSEQUENTLY FILED
DOCUMENT WHICH ALSO IS INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE
HEREIN, MODIFIES OR SUPERSEDES SUCH STATEMENT. ANY SUCH STATEMENT SO MODIFIED OR
SUPERSEDED SHALL NOT BE DEEMED, EXCEPT AS SO MODIFIED OR SUPERSEDED, TO
CONSTITUTE A PART OF THIS REGISTRATION STATEMENT.


                                        2

<PAGE> 3



ITEM 4.  DESCRIPTION OF SECURITIES

      The common stock to be offered pursuant to the Plan has been registered
pursuant to Section 12 of the Exchange Act. Accordingly, a description of the
common stock is not required herein.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL

      None.

      The validity of the Common Stock offered hereby has been passed upon by
Muldoon, Murphy & Faucette, Washington, DC, for the Registrant.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS.

      Directors and officers of the Registrant are indemnified and held harmless
against liability to the fullest extent permissible by the general corporation
law of Delaware as it currently exists or as it may be amended provided any such
amendment provides broader indemnification provisions than currently exists.
This indemnification applies to the Board of Directors who administer the Plan.

      In accordance with the General Corporation Law of the State of Delaware
(being Chapter 1 of Title 8 of the Delaware Code), Articles 10 and 11 of the
Registrant's Certificate of Incorporation provide as follows:

TENTH:
-----

A. Each person who was or is made a party or is threatened to be made a party to
or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (hereinafter a "proceeding"), by
reason of the fact that he or she is or was a Director or an Officer of the
Corporation or is or was serving at the request of the Corporation as a
Director, Officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to an
employee benefit plan (hereinafter an "indemnitee"), whether the basis of such
proceeding is alleged action in an official capacity as a Director, Officer,
employee or agent or in any other capacity while serving as a Director, Officer,
employee or agent, shall be indemnified and held harmless by the Corporation to
the fullest extent authorized by the Delaware General Corporation Law, as the
same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Corporation to provide
broader indemnification rights than such law permitted the Corporation to
provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid in settlement) reasonably incurred or suffered by such
indemnitee in connection therewith; provided, however, that, except as provided
in Section C hereof with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee only
if such proceeding (or part thereof) was authorized by the Board of Directors of
the Corporation.

B. The right to indemnification conferred in Section A of this Article TENTH
shall include the right to be paid by the Corporation the expenses incurred in
defending any such proceeding in advance of its final disposition (hereinafter
an "advancement of expenses"); provided, however, that, if the Delaware General
Corporation Law requires, an advancement of expenses incurred by an indemnitee
in his or her capacity as a Director or Officer (and not in any other capacity
in which service was or is rendered by such indemnitee, including, without
limitation, services to an employee benefit plan) shall be made only upon
delivery to the

                                        3

<PAGE> 4



Corporation of an undertaking (hereinafter an "undertaking"), by or on behalf of
such indemnitee, to repay all amounts so advanced if it shall ultimately be
determined by final judicial decision from which there is no further right to
appeal (hereinafter a "final adjudication") that such indemnitee is not entitled
to be indemnified for such expenses under this Section or otherwise. The rights
to indemnification and to the advancement of expenses conferred in Sections A
and B of this Article TENTH shall be contract rights and such rights shall
continue as to an indemnitee who has ceased to be a Director, Officer, employee
or agent and shall inure to the benefit of the indemnitee's heirs, executors and
administrators.

C. If a claim under Section A or B of this Article TENTH is not paid in full by
the Corporation within sixty days after a written claim has been received by the
Corporation, except in the case of a claim for an advancement of expenses, in
which case the applicable period shall be twenty days, the indemnitee may at any
time thereafter bring suit against the Corporation to recover the unpaid amount
of the claim. If successful in whole or in part in any such suit, or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the indemnitee shall be entitled to be paid also the
expenses of prosecuting or defending such suit. In: (i) any suit brought by the
indemnitee to enforce a right to indemnification hereunder (but not in a suit
brought by the indemnitee to enforce a right to an advancement of expenses) it
shall be a defense that; and (ii) in any suit by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking the Corporation
shall be entitled to recover such expenses upon a final adjudication that, the
indemnitee has not met any applicable standard for indemnification set forth in
the Delaware General Corporation Law. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such
suit that indemnification of the indemnitee is proper in the circumstances
because the indemnitee has met the applicable standard of conduct set forth in
the Delaware General Corporation Law, nor an actual determination by the
Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) that the indemnitee has not met such applicable standard of
conduct, shall create a presumption that the indemnitee has not met the
applicable standard of conduct or, in the case of such a suit brought by the
indemnitee, be a defense to such suit. In any suit brought by the indemnitee to
enforce a right to indemnification or to an advancement of expenses hereunder,
or by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the burden of proving that the indemnitee is not
entitled to be indemnified, or to such advancement of expenses, under this
Article TENTH or otherwise shall be on the Corporation.

D. The rights to indemnification and to the advancement of expenses conferred in
this Article TENTH shall not be exclusive of any other right which any person
may have or hereafter acquire under any statute, the Corporation's Certificate
of Incorporation, Bylaws, agreement, vote of stockholders or Disinterested
Directors or otherwise.

E. The Corporation may maintain insurance, at its expense, to protect itself and
any Director, Officer, employee or agent of the Corporation or another
corporation, partnership, joint venture, trust or other enterprise against any
expense, liability or loss, whether or not the Corporation would have the power
to indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.

F. The Corporation may, to the extent authorized from time to time by the Board
of Directors, grant rights to indemnification and to the advancement of expenses
to any employee or agent of the Corporation to the fullest extent of the
provisions of this Article TENTH with respect to the indemnification and
advancement of expenses of Directors and Officers of the Corporation.



                                        4

<PAGE> 5



ELEVENTH:
--------

A Director of this Corporation shall not be personally liable to the Corporation
or its stockholders for monetary damages for breach of fiduciary duty as a
Director, except for liability: (i) for any breach of the Director's duty of
loyalty to the Corporation or its stockholders; (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of
law; (iii) under Section 174 of the Delaware General Corporation Law; or (iv)
for any transaction from which the Director derived an improper personal
benefit. If the Delaware General Corporation Law is amended to authorize
corporate action further eliminating or limiting the personal liability of
Directors, then the liability of a Director of the Corporation shall be
eliminated or limited to the fullest extent permitted by the Delaware General
Corporation Law, as so amended.

Any repeal or modification of the foregoing paragraph by the stockholders of the
Corporation shall not adversely affect any right or protection of a Director of
the Corporation existing at the time of such repeal or modification.

      The Registrant is also permitted to maintain directors' and officers'
liability insurance covering its directors and officers and has obtained a
directors' and officers' liability and corporation reimbursement policy which
(subject to certain limits and deductibles) (i) insures officers and directors
of the Registrant against loss arising from certain claims made against them by
reason of their being such directors or officers, and (ii) insures the
Registrant against loss which it may be required or permitted to pay as
indemnification due its directors or officers for certain claims.

      Insofar as indemnification for liabilities arising under the Securities
Act of 1933 (the "Securities Act") may be permitted to directors, officers or
persons controlling the Registrant, the Registrant has been informed that in the
opinion of the Commission that such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.

ITEM 7.   EXEMPTION FROM REGISTRATION CLAIMED.

      Not applicable.

ITEM 8.   LIST OF EXHIBITS.

      The following exhibits are filed with or incorporated by reference into
this Registration Statement on Form S-8 (numbering corresponds generally to
Exhibit Table in Item 601 of Regulation S-K):

      4        Stock Certificate of Reliance Bancorp, Inc.1

      5        Opinion of Muldoon, Murphy & Faucette, Washington, DC, as to the
               legality of the Common Stock registered hereby.

      23.1     Consent of Muldoon, Murphy & Faucette (contained in the opinion 
               included as Exhibit 5).


      23.2     Consent of KPMG Peat Marwick LLP.


                                        5

<PAGE> 6



      24       Power of Attorney is located on the signature pages.


--------------------------
1 Incorporated herein by reference from the Exhibit of the same number contained
  in the Registration Statement on Form S-1 (SEC No. 33-72476), as amended,
  filed with the SEC on December 3, 1993 and declared effective on February 9,
  1994.


ITEM 9.   UNDERTAKINGS

      The undersigned Registrant hereby undertakes:

      (1)   To file, during any period in which it offers or sells securities, a
            post-effective amendment to this Registration Statement to:

            (i)   Include any Prospectus required by Section 10(a)(3) of the 
                  Securities Act;

            (ii)  Reflect in the Prospectus any facts or events which, 
                  individually or together, represent a fundamental change in
                  the information in the Registration Statement. Notwithstanding
                  the foregoing, any increase or decrease in volume of
                  securities offered (if the total dollar value of securities
                  offered would not exceed that which was registered) and any
                  deviation from the low or high end of the estimated maximum
                  offering range may be reflected in the form of prospectus
                  filed with the Commission pursuant to Rule 424(b) if, in the
                  aggregate, the changes in volume and price represent no more
                  than a 20 percent change in the maximum aggregate offering
                  price set forth in the "Calculation of Registration Fee" table
                  in the effective registration statement; and

            (iii) Include any additional or changed material information on the
                  plan of distribution not previously disclosed in the
                  Registration Statement or any material change to such
                  information in the Registration Statement unless the
                  information required by (i) and (ii) is contained in periodic
                  reports filed by the Registrant pursuant to Section 13 or
                  15(d) of the Exchange Act that are incorporated by reference
                  into this Registration Statement;

      (2)   For determining liability under the Securities Act, to treat each
            post-effective amendment as a new Registration Statement of the
            securities offered, and the offering of the securities at that time
            to be the initial bona fide offering thereof.

      (3)   To file a post-effective amendment to remove from registration any
            of the securities that remain unsold at the end of the Offering.

      (4)   That, for purposes of determining any liability under the Securities
            Act, each filing of the Registrant's or the Plan's annual report
            pursuant to Section 13(a) or 15(d) of the Exchange Act that is
            incorporated by reference in the Registration Statement shall be
            deemed to be a new Registration Statement relating to the securities
            offered therein, and the offering of such securities at that time
            shall be deemed to be the initial bona fide offering thereof.


                                        6

<PAGE> 7



      Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a trustee, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.



                                        7

<PAGE> 8



CONFORMED
                                   SIGNATURES

      Pursuant to the requirements of the Securities Act, Reliance Bancorp, Inc.
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Garden City, New York, on January 24, 1997.

                                          RELIANCE BANCORP, INC.



                                          By: /s/ Raymond A. Nielsen
                                              ----------------------------------
                                                  Raymond A. Nielsen
                                                  Chief Executive Officer and 
                                                  President


      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.

      KNOW ALL MEN BY THESE PRESENT, that each person whose signature appears
below (other than Mr. Raymond A. Nielsen) constitutes and appoints Raymond A.
Nielsen, as the true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities to sign any or all amendments to the Form S-8
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the U.S. Securities and Exchange
Commission, respectively, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and things requisite
and necessary to be done as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent or his substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.


    Name                    Title                                 Date
    ----                    -----                                 ----

/s/ Raymond L. Nielsen      Chairman of the Board              January 24, 1997
----------------------
Raymond L. Nielsen



/s/ Raymond A. Nielsen      Chief Executive Officer and        January 24, 1997
----------------------      President
Raymond A. Nielsen


/s/ Thomas G. Davis, Jr.    Director                           January 24, 1997
------------------------
Thomas G. Davis, Jr.




                                        8

<PAGE> 9



/s/ Donald LaPasta          Director                           January 24, 1997
----------------------
Donald LaPasta

/s/ Douglas G. LaPasta      Director                           January 24, 1997
----------------------
Douglas G. LaPasta


/s/ Conrad J. Gunther, Jr.  Director                           January 24, 1997
--------------------------
Conrad J. Gunther, Jr.


/s/ Peter F. Neumann        Director                           January 24, 1997
--------------------------
Peter F. Neumann


/s/J. William Newby         Director                           January 24, 1997
--------------------------
J. William Newby

                                        9

<PAGE> 10

<TABLE>
<CAPTION>


                                  EXHIBIT INDEX


                                                                                                   Sequentially
                                                                                                     Numbered
                                                                                                      Page
 Exhibit No.       Description              Method of Filing                                         Location
-------------     --------------------     ---------------------------------------------------     ------------



    <S>            <C>                      <C>                                                       <C>
      4            Stock Certificate of     Incorporated herein by reference from the Exhibit         --
                   Reliance Bancorp,        of the Registrant's Registration Statement on
                   Inc.                     Form S-1 filed with the SEC on December 3,
                                            1993 and declared effective on February 9, 1994.

      5            Opinion of Muldoon,      Filed herewith.                                           11
                   Murphy & Faucette



    23.1           Consent of Muldoon,      Contained in Exhibit 5 hereof.                            --
                   Murphy & Faucette

    23.2           Consent of KPMG          Filed herewith.                                           14
                   Peat Marwick LLP

     24            Power of Attorney        Located on the signature page.                            --

</TABLE>
[{"type": "S-8", "sequence": "1", "secsgml_size_bytes": 27371}]
{"company-data": {"conformed-name": "RELIANCE BANCORP INC", "cik": "0000915765", "assigned-sic": "6035", "irs-number": "113187176", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-20379", "film-number": "97510550"}, "business-address": {"street1": "585 STEWART AVE", "city": "GARDEN CITY", "state": "NY", "zip": "11530", "phone": "5162229300"}, "mail-address": {"street1": "585 STEWART AVENUE", "city": "GARDEN CITY", "state": "NJ", "zip": "11530"}}
1

 As filed with the Securities and Exchange Commission on January 24, 1997
                                                Registration No. 333-
                                                                     -----------
================================================================================
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                    FORM S-8
                            REGISTRATION STATEMENT
                       UNDER THE SECURITIES ACT OF 1933
                            RELIANCE BANCORP, INC.
 (exact name of registrant as specified in its certificate of incorporation)

DELAWARE                                  6035                    11-3187176
(state or other jurisdiction of     (Primary Standard           (IRS Employer
incorporation or organization)   Classification Code Number) Identification No.)
 
                               585 STEWART AVENUE
                           GARDEN CITY, NEW YORK 11530
                                 (516) 222-9300
               (Address, including zip code, and telephone number,
        including area code, of registrant's principal executive offices)

                  RELIANCE BANCORP, INC. 1996 STOCK OPTION PLAN
                            (Full Title of the Plan)

RAYMOND A. NIELSEN                        COPIES TO:
CHIEF EXECUTIVE OFFICER AND PRESIDENT     DOUGLAS P. FAUCETTE, ESQUIRE
RELIANCE BANCORP, INC.                    LAWRENCE M.F. SPACCASI, ESQUIRE
585 STEWART AVENUE                        PHILIP G. FEIGEN, ESQUIRE
GARDEN CITY, NEW YORK  11530              MULDOON, MURPHY & FAUCETTE
(516) 222-9300                            5101 WISCONSIN AVENUE, N.W.
(Name, address, including zip code,       WASHINGTON, DC  20016
and telephone number, including area      (202) 362-0840
code, of agent for service)  

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: As soon as
               practicable after this Registration Statement becomes effective.

 If any of the securities being registered on this Form are to be offered on a
  delayed or continuous basis pursuant to Rule 415 under the Securities Act of
                      1933, check the following box. / X /
===================================================================================================
Title of each Class of        Amount to be    Proposed Purchase  Estimated Aggregate  Registration
Securities to be Registered   Registered(1)    Price Per Share     Offering Price         Fee
===================================================================================================
Common Stock                450,000
    $.01 par Value              Shares (2)         $18.27 (3)         $8,221,050          $2,570
===================================================================================================
(1)Together with an indeterminate number of additional shares which may be
   necessary to adjust the number of shares reserved for issuance pursuant to
   the Reliance Bancorp, Inc. 1996 Stock Option Plan (the "Plan") as the result
   of a stock split, stock dividend or similar adjustment of the outstanding
   Common Stock of Reliance Bancorp, Inc., pursuant to 17 C.F.R. ss.230.416(a).
(2)Represents the total number of shares currently reserved or available for 
   issuance as options pursuant to the Plan.
(3)Weighted average price determined by the exercise price of $15.75 
   per share at which options for 128,100 shares under the Plan have been
   granted to date, by the exercise price of $19.125 per share at which options
   for 196,200 shares under the Plan have granted to date and by $19.50 the
   market value of the Common Stock on January 23, 1997 as determined by the
   average of the high and low prices listed on the Nasdaq Stock Market as
   reported in the Wall Street Journal, for 125,700 shares for which options
   have not yet been granted under the Plan.

THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE IMMEDIATELY UPON FILING IN
ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, AS AMENDED, (THE
"SECURITIES ACT") AND 17 C.F.R. SS.230.462.

Number of Pages 15
Exhibit Index begins on Page 10
2

RELIANCE BANCORP, INC.

PART I     INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

ITEMS 1 & 2. The documents containing the information for the Reliance Bancorp,
Inc. (the "Company" or the "Registrant") 1996 Stock Option Plan (the "Plan")
required by Part I of the Registration Statement will be sent or given to the
participants in the Plan as specified by Rule 428(b)(1). Such document is not
filed with the Securities and Exchange Commission (the "SEC") either as a part
of this Registration Statement or as a prospectus or prospectus supplement
pursuant to Rule 424 in reliance on Rule 428.

PART II   INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

      The following documents filed or to be filed with the SEC are incorporated
by reference in this Registration Statement:

      (a) The Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 1996, which includes the consolidated statements of financial condition
of the Company and subsidiary as of June 30, 1996 and 1995, and the related
consolidated statements of income, changes in stockholders' equity and cash
flows for each of the years in the three-year period ended June 30, 1996,
together with the related notes and the report of KPMG Peat Marwick LLP,
independent certified public accountants filed with the SEC (File No.
0-23126).

      (b) The Form 10-Q report filed by the Registrant for the fiscal quarter
ended September 30, 1996 (File No. 0-23126), filed with the SEC on November 14,
1996.

      (c) The Form 8-K report filed by the Registrant (File No. 0-23126) with 
the SEC on October 1, 1996.

      (d) The description of Registrant's Common Stock contained in Registrant's
Form 8-A (File No. 0-23126), as filed with the SEC pursuant to Section 12(g) of
the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 12b-15
promulgated thereunder on September 27, 1996.

      (e) All documents filed by the Registrant pursuant to Section 13(a) and
(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the
filing of a post-effective amendment which deregisters all securities then
remaining unsold.

       ANY STATEMENT CONTAINED IN THIS REGISTRATION STATEMENT, OR IN A DOCUMENT
INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN, SHALL BE DEEMED
TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS REGISTRATION STATEMENT TO THE
EXTENT THAT A STATEMENT CONTAINED HEREIN, OR IN ANY OTHER SUBSEQUENTLY FILED
DOCUMENT WHICH ALSO IS INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE
HEREIN, MODIFIES OR SUPERSEDES SUCH STATEMENT. ANY SUCH STATEMENT SO MODIFIED OR
SUPERSEDED SHALL NOT BE DEEMED, EXCEPT AS SO MODIFIED OR SUPERSEDED, TO
CONSTITUTE A PART OF THIS REGISTRATION STATEMENT.

                                        2
3

ITEM 4.  DESCRIPTION OF SECURITIES

      The common stock to be offered pursuant to the Plan has been registered
pursuant to Section 12 of the Exchange Act. Accordingly, a description of the
common stock is not required herein.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL

      None.

      The validity of the Common Stock offered hereby has been passed upon by
Muldoon, Murphy & Faucette, Washington, DC, for the Registrant.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS.

      Directors and officers of the Registrant are indemnified and held harmless
against liability to the fullest extent permissible by the general corporation
law of Delaware as it currently exists or as it may be amended provided any such
amendment provides broader indemnification provisions than currently exists.
This indemnification applies to the Board of Directors who administer the Plan.

      In accordance with the General Corporation Law of the State of Delaware
(being Chapter 1 of Title 8 of the Delaware Code), Articles 10 and 11 of the
Registrant's Certificate of Incorporation provide as follows:

TENTH:
-----

A. Each person who was or is made a party or is threatened to be made a party to
or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (hereinafter a "proceeding"), by
reason of the fact that he or she is or was a Director or an Officer of the
Corporation or is or was serving at the request of the Corporation as a
Director, Officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to an
employee benefit plan (hereinafter an "indemnitee"), whether the basis of such
proceeding is alleged action in an official capacity as a Director, Officer,
employee or agent or in any other capacity while serving as a Director, Officer,
employee or agent, shall be indemnified and held harmless by the Corporation to
the fullest extent authorized by the Delaware General Corporation Law, as the
same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Corporation to provide
broader indemnification rights than such law permitted the Corporation to
provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid in settlement) reasonably incurred or suffered by such
indemnitee in connection therewith; provided, however, that, except as provided
in Section C hereof with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee only
if such proceeding (or part thereof) was authorized by the Board of Directors of
the Corporation.

B. The right to indemnification conferred in Section A of this Article TENTH
shall include the right to be paid by the Corporation the expenses incurred in
defending any such proceeding in advance of its final disposition (hereinafter
an "advancement of expenses"); provided, however, that, if the Delaware General
Corporation Law requires, an advancement of expenses incurred by an indemnitee
in his or her capacity as a Director or Officer (and not in any other capacity
in which service was or is rendered by such indemnitee, including, without
limitation, services to an employee benefit plan) shall be made only upon
delivery to the

                                        3
4

Corporation of an undertaking (hereinafter an "undertaking"), by or on behalf of
such indemnitee, to repay all amounts so advanced if it shall ultimately be
determined by final judicial decision from which there is no further right to
appeal (hereinafter a "final adjudication") that such indemnitee is not entitled
to be indemnified for such expenses under this Section or otherwise. The rights
to indemnification and to the advancement of expenses conferred in Sections A
and B of this Article TENTH shall be contract rights and such rights shall
continue as to an indemnitee who has ceased to be a Director, Officer, employee
or agent and shall inure to the benefit of the indemnitee's heirs, executors and
administrators.

C. If a claim under Section A or B of this Article TENTH is not paid in full by
the Corporation within sixty days after a written claim has been received by the
Corporation, except in the case of a claim for an advancement of expenses, in
which case the applicable period shall be twenty days, the indemnitee may at any
time thereafter bring suit against the Corporation to recover the unpaid amount
of the claim. If successful in whole or in part in any such suit, or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the indemnitee shall be entitled to be paid also the
expenses of prosecuting or defending such suit. In: (i) any suit brought by the
indemnitee to enforce a right to indemnification hereunder (but not in a suit
brought by the indemnitee to enforce a right to an advancement of expenses) it
shall be a defense that; and (ii) in any suit by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking the Corporation
shall be entitled to recover such expenses upon a final adjudication that, the
indemnitee has not met any applicable standard for indemnification set forth in
the Delaware General Corporation Law. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such
suit that indemnification of the indemnitee is proper in the circumstances
because the indemnitee has met the applicable standard of conduct set forth in
the Delaware General Corporation Law, nor an actual determination by the
Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) that the indemnitee has not met such applicable standard of
conduct, shall create a presumption that the indemnitee has not met the
applicable standard of conduct or, in the case of such a suit brought by the
indemnitee, be a defense to such suit. In any suit brought by the indemnitee to
enforce a right to indemnification or to an advancement of expenses hereunder,
or by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the burden of proving that the indemnitee is not
entitled to be indemnified, or to such advancement of expenses, under this
Article TENTH or otherwise shall be on the Corporation.

D. The rights to indemnification and to the advancement of expenses conferred in
this Article TENTH shall not be exclusive of any other right which any person
may have or hereafter acquire under any statute, the Corporation's Certificate
of Incorporation, Bylaws, agreement, vote of stockholders or Disinterested
Directors or otherwise.

E. The Corporation may maintain insurance, at its expense, to protect itself and
any Director, Officer, employee or agent of the Corporation or another
corporation, partnership, joint venture, trust or other enterprise against any
expense, liability or loss, whether or not the Corporation would have the power
to indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.

F. The Corporation may, to the extent authorized from time to time by the Board
of Directors, grant rights to indemnification and to the advancement of expenses
to any employee or agent of the Corporation to the fullest extent of the
provisions of this Article TENTH with respect to the indemnification and
advancement of expenses of Directors and Officers of the Corporation.

                                        4
5

ELEVENTH:
--------

A Director of this Corporation shall not be personally liable to the Corporation
or its stockholders for monetary damages for breach of fiduciary duty as a
Director, except for liability: (i) for any breach of the Director's duty of
loyalty to the Corporation or its stockholders; (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of
law; (iii) under Section 174 of the Delaware General Corporation Law; or (iv)
for any transaction from which the Director derived an improper personal
benefit. If the Delaware General Corporation Law is amended to authorize
corporate action further eliminating or limiting the personal liability of
Directors, then the liability of a Director of the Corporation shall be
eliminated or limited to the fullest extent permitted by the Delaware General
Corporation Law, as so amended.

Any repeal or modification of the foregoing paragraph by the stockholders of the
Corporation shall not adversely affect any right or protection of a Director of
the Corporation existing at the time of such repeal or modification.

      The Registrant is also permitted to maintain directors' and officers'
liability insurance covering its directors and officers and has obtained a
directors' and officers' liability and corporation reimbursement policy which
(subject to certain limits and deductibles) (i) insures officers and directors
of the Registrant against loss arising from certain claims made against them by
reason of their being such directors or officers, and (ii) insures the
Registrant against loss which it may be required or permitted to pay as
indemnification due its directors or officers for certain claims.

      Insofar as indemnification for liabilities arising under the Securities
Act of 1933 (the "Securities Act") may be permitted to directors, officers or
persons controlling the Registrant, the Registrant has been informed that in the
opinion of the Commission that such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.

ITEM 7.   EXEMPTION FROM REGISTRATION CLAIMED.

      Not applicable.

ITEM 8.   LIST OF EXHIBITS.

      The following exhibits are filed with or incorporated by reference into
this Registration Statement on Form S-8 (numbering corresponds generally to
Exhibit Table in Item 601 of Regulation S-K):

      4        Stock Certificate of Reliance Bancorp, Inc.1

      5        Opinion of Muldoon, Murphy & Faucette, Washington, DC, as to the
               legality of the Common Stock registered hereby.

      23.1     Consent of Muldoon, Murphy & Faucette (contained in the opinion 
               included as Exhibit 5).

      23.2     Consent of KPMG Peat Marwick LLP.

                                        5
6

      24       Power of Attorney is located on the signature pages.

--------------------------
1 Incorporated herein by reference from the Exhibit of the same number contained
  in the Registration Statement on Form S-1 (SEC No. 33-72476), as amended,
  filed with the SEC on December 3, 1993 and declared effective on February 9,
  1994.

ITEM 9.   UNDERTAKINGS

      The undersigned Registrant hereby undertakes:

      (1)   To file, during any period in which it offers or sells securities, a
            post-effective amendment to this Registration Statement to:

            (i)   Include any Prospectus required by Section 10(a)(3) of the 
                  Securities Act;

            (ii)  Reflect in the Prospectus any facts or events which, 
                  individually or together, represent a fundamental change in
                  the information in the Registration Statement. Notwithstanding
                  the foregoing, any increase or decrease in volume of
                  securities offered (if the total dollar value of securities
                  offered would not exceed that which was registered) and any
                  deviation from the low or high end of the estimated maximum
                  offering range may be reflected in the form of prospectus
                  filed with the Commission pursuant to Rule 424(b) if, in the
                  aggregate, the changes in volume and price represent no more
                  than a 20 percent change in the maximum aggregate offering
                  price set forth in the "Calculation of Registration Fee" table
                  in the effective registration statement; and

            (iii) Include any additional or changed material information on the
                  plan of distribution not previously disclosed in the
                  Registration Statement or any material change to such
                  information in the Registration Statement unless the
                  information required by (i) and (ii) is contained in periodic
                  reports filed by the Registrant pursuant to Section 13 or
                  15(d) of the Exchange Act that are incorporated by reference
                  into this Registration Statement;

      (2)   For determining liability under the Securities Act, to treat each
            post-effective amendment as a new Registration Statement of the
            securities offered, and the offering of the securities at that time
            to be the initial bona fide offering thereof.

      (3)   To file a post-effective amendment to remove from registration any
            of the securities that remain unsold at the end of the Offering.

      (4)   That, for purposes of determining any liability under the Securities
            Act, each filing of the Registrant's or the Plan's annual report
            pursuant to Section 13(a) or 15(d) of the Exchange Act that is
            incorporated by reference in the Registration Statement shall be
            deemed to be a new Registration Statement relating to the securities
            offered therein, and the offering of such securities at that time
            shall be deemed to be the initial bona fide offering thereof.

                                        6
7

      Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a trustee, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                        7
8

CONFORMED
                                   SIGNATURES

      Pursuant to the requirements of the Securities Act, Reliance Bancorp, Inc.
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Garden City, New York, on January 24, 1997.

                                          RELIANCE BANCORP, INC.

                                          By: /s/ Raymond A. Nielsen
                                              ----------------------------------
                                                  Raymond A. Nielsen
                                                  Chief Executive Officer and 
                                                  President

      Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.

      KNOW ALL MEN BY THESE PRESENT, that each person whose signature appears
below (other than Mr. Raymond A. Nielsen) constitutes and appoints Raymond A.
Nielsen, as the true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities to sign any or all amendments to the Form S-8
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the U.S. Securities and Exchange
Commission, respectively, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and things requisite
and necessary to be done as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent or his substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.

    Name                    Title                                 Date
    ----                    -----                                 ----

/s/ Raymond L. Nielsen      Chairman of the Board              January 24, 1997
----------------------
Raymond L. Nielsen

/s/ Raymond A. Nielsen      Chief Executive Officer and        January 24, 1997
----------------------      President
Raymond A. Nielsen

/s/ Thomas G. Davis, Jr.    Director                           January 24, 1997
------------------------
Thomas G. Davis, Jr.

                                        8
9

/s/ Donald LaPasta          Director                           January 24, 1997
----------------------
Donald LaPasta

/s/ Douglas G. LaPasta      Director                           January 24, 1997
----------------------
Douglas G. LaPasta

/s/ Conrad J. Gunther, Jr.  Director                           January 24, 1997
--------------------------
Conrad J. Gunther, Jr.

/s/ Peter F. Neumann        Director                           January 24, 1997
--------------------------
Peter F. Neumann

/s/J. William Newby         Director                           January 24, 1997
--------------------------
J. William Newby

                                        9
10
EXHIBIT INDEX

                                                                                                   Sequentially
                                                                                                     Numbered
                                                                                                      Page
 Exhibit No.       Description              Method of Filing                                         Location
-------------     --------------------     ---------------------------------------------------     ------------
4            Stock Certificate of     Incorporated herein by reference from the Exhibit         --
                   Reliance Bancorp,        of the Registrant's Registration Statement on
                   Inc.                     Form S-1 filed with the SEC on December 3,
                                            1993 and declared effective on February 9, 1994.

      5            Opinion of Muldoon,      Filed herewith.                                           11
                   Murphy & Faucette

    23.1           Consent of Muldoon,      Contained in Exhibit 5 hereof.                            --
                   Murphy & Faucette

    23.2           Consent of KPMG          Filed herewith.                                           14
                   Peat Marwick LLP

     24            Power of Attorney        Located on the signature page.                            --