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                                ALLIANCE BANCORP
                (Name of Registrant as Specified in its Charter)

              LA SALLE FINANCIAL PARTNERS, LIMITED PARTNERSHIP AND
                   THE COMMITTEE TO MAXIMIZE SHAREHOLDER VALUE
     (Name of Person(s) Filing Proxy Statement if other than the Registrant)

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                       LA SALLE FINANCIAL PARTNERS, L. P.
                                       and
                   The Committee to Maximize Shareholder Value
                                    Suite 405
                             259 E. Michigan Avenue
                            Kalamazoo, Michigan 49007
                            -------------------------
                            Telephone (616) 344-4993
                            Facsimile (616) 344-4994


June 3, 1999

TO OUR FELLOW SHAREHOLDERS:

              LA SALLE AND THE COMMITTEE DO NOT WANT A "FIRE SALE"

In recent issues of Crain's Chicago Business and the American  Banker,  Alliance
Bancorp was reported to be holding merger or sale discussions.

Even though Kenne Bristol,  Alliance  President and CEO, told us that one of the
Crain's  articles  was  incorrect,  the Crain's  author  stands by her story and
assured us that Mr. Bristol has not requested a retraction or clarification.  So
what is going on? While we aren't certain,  we are more than ever convinced that
our director  nominees should be on the Alliance Board - precisely because we do
not want the current Board to conduct a "fire sale" of Alliance Bancorp. We want
to be sure that, if the company is sold,  all  shareholders  receive the maximum
possible value for their shares.


                               OUR GOALS ARE CLEAR

La Salle and the Committee  have stated that, if elected,  our  candidates  will
focus on two initiatives:

1.     Working with the Board and  management  to improve the  operations of the
       company; and

2.     Seeking  to  persuade  the other  twelve  directors  to retain a top-tier
       investment banking firm to identify a potential buyer for Alliance at the
       best possible price.

In their  proxy  material,  management  characterized  our slate as being  "hand
picked."  Alliance  is  correct!  Our  candidates  were hand  picked:  for their
backgrounds,  for their experience, and for their involvement with situations in
which other banks have been sold.





According to one observer,  Crain's  Chicago  Business,  the recent  increase in
stock price is due to "speculation  that the thrift will sell before its June 23
annual meeting, when it faces a proxy fight." (See articles below.)

We  believe  that  Alliance   shareholders  clearly  understand  the  historical
performance of their Alliance  shares and the reasons behind the recent movement
in the stock price.

                     1998 COMPENSATION UP - SHARE VALUE DOWN

In 1998 Mr. Bristol's salary increased 13%, and Mr. Novy's salary increased 26%.
Both of these  executives  also  received a bonus of $100,000 for the past year,
and an option to purchase  25,000  shares of common stock at the market price at
the  time  of  the  option  grant.  The  Board  of  Directors   authorized  this
compensation  even though,  as shown in the  Company's  proxy  statement,  total
stockholder return declined 25% in 1998.

If  elected,  our  director  nominees  will work  faithfully  to ensure that ALL
shareholders will receive full and fair value for their investment.

                       ALLIANCE SAID "NO" TO A SETTLEMENT

On May 17, 1999, La Salle Financial  Partners attempted to work out a settlement
agreement with Alliance Bancorp  regarding the question of Board  representation
for the Company's largest shareholder.

Our first proposal was that if Alliance would place two of the La Salle nominees
on the Alliance  Board,  the Partnership and the Committee would not engage in a
contested  election.  The response by Alliance was "NO." They said the Board was
already too large, and they were satisfied with its current composition.

In the spirit of  cooperation,  we then  proposed  that the Board grant only one
Board seat to a La Salle  nominee by  increasing  the Board's size by one, so as
not to displace any current Board  members.  The Board's  answer was still "NO."
Mr. Novy told us that Alliance would let the shareholders  decide who will be on
their Board.  While we strongly  agree that  shareholders  should  decide who is
elected to the Board at the June 23rd Annual Meeting, we do not believe that Mr.
Novy really wants Alliance  shareholders to have a full opportunity to hear from
the Committee. We say this knowing that the Board and management have refused to
take steps that  would  have  allowed  the  Committee  and  management  to speak
directly with as many shareholders as possible.






                          WHAT IS MANAGEMENT AFRAID OF?

Here are the facts:  Management has the ability to obtain information about more
than 1,000  shareholders  (known as "Non-Objecting  Beneficial  Owners") holding
their securities  through brokerage firms and banks.  However,  Alliance has not
requested  this list of holders.  The  information,  if in the possession of the
Company,  would by law  have to be  shared  with  us.  Why  hasn't  the  Company
requested this list? Could it be because they believe shareholders would be more
supportive of our nominees if we were able to speak directly to  shareholders to
present  our  credentials?  Why  doesn't  the  Company  want  to  speak  to  its
shareholders?

We want to talk to any  shareholder  that would like to hear directly  about our
views  about why it is  important  to elect our  candidates,  and we invite  all
holders to call us. You can reach us directly  at the number  listed  above,  or
through our proxy solicitor, The Altman Group, at (toll free) 800-206-0007.

                              THE DECISION IS YOURS

In management's  materials they tell you to throw away the green proxy.  Perhaps
they don't credit  shareholders with being smart enough to know what is best for
them.  The  Committee  encourages  you to carefully  read all the  materials you
receive - both from us and from management.

We are confident that  shareholders  who analyze the information  presented will
agree that the La Salle  nominees have the  credentials  and expertise to make a
valuable  contribution to the Alliance Board. We urge you to consider our views,
and we invite you to talk with us. After having  considered all the  information
available, we hope you will vote the GREEN proxy card.


Sincerely,


     La Salle Financial Partners,  L. P.               The Committee to Maximize
                                                         Shareholder Value


- --------------------------------------------------------------------------------
If you have any questions,  please call The Altman Group, our proxy  solicitors,
toll-free at 1-800-206-0007.
- --------------------------------------------------------------------------------

Note: The attached  articles  entitled  "Alliance  entertains buyout offers" and
"St.  Paul deal puts  pressure on rivals",  which were  published in the May 17,
1999 and May 24, 1999 editions,  respectively,  of Crain's Chicago Business have
been  copied  and  distributed  as part  of this  proxy  solicitation  with  the
permission of Crain's  Chicago  Business and the author of the  articles,  Julie
Johnsson.  LaSalle  Financial  Partners has paid to Crain's Chicago Business the
standard permissions fee of $375.00 per article.





                              THE ELECTION PROCESS

Five  directors  are to be elected at the  Alliance  annual  meeting.  Our slate
consists of three nominees.  Management's slate consists of five nominees.  Only
one proxy card will count,  even if you submit more than one. The latest  dated,
properly executed proxy will be the only one tallied.

Of the eight director nominees,  the five candidates with the most votes will be
elected to the Alliance  Board.  Voting for our candidates  will not prevent the
election of five directors.

If our nominees are elected,  the two management nominees with the highest votes
will also be elected. By nominating only three candidates,  we are ensuring that
at least two of  management's  nominees  will be elected at this  year's  Annual
Meeting, even if all of our nominees are elected.

                       VOTING FOR THE COMMITTEE'S NOMINEES

IF YOU WISH TO SUPPORT OUR DIRECTOR  NOMINEES,  please sign, date and return the
enclosed GREEN proxy today.  Please do not return  management's white card, even
if it is to vote against their nominees.

If you have returned a white proxy card,  but wish to support our nominees,  you
MUST return a GREEN proxy.  Even if you have already returned a white proxy, you
have the right to change your vote by returning a later dated GREEN proxy.

REMEMBER, ONLY YOUR LATEST DATED, VALIDLY EXECUTED PROXY WILL BE COUNTED.


- --------------------------------------------------------------------------------
                  A SPECIAL MESSAGE TO BROKERAGE FIRM CUSTOMERS
                  ---------------------------------------------

If your shares are held in the name of a brokerage firm ("Street Name"),  please
return your GREEN proxy or contact your broker and direct him or her to vote for
the  Committee on the GREEN  proxy.  Street Name holders who wish to vote at the
meeting will not be  permitted to do so unless they obtain a "legal  proxy" from
their brokerage firm.

INTERNET OR  TELEPHONE  VOTING MAY NOT BE  PERMITTED:  Because of the  contested
nature of the  election,  shareholders  who  normally  vote via the  Internet or
telephone  through your broker or bank may not be able to do so for the Alliance
Annual  Meeting.  To ensure  that  your vote is  counted,  you  should  return a
physical proxy card in sufficient time for your broker to tally your response.

- --------------------------------------------------------------------------------



                ARTICLES REPRINTED FROM CRAIN'S CHICAGO BUSINESS

                       ALLIANCE ENTERTAINS BUYOUT OFFERS

Hinsdale-based  Alliance  Bancorp Inc. is entertaining  offers to merge or sell,
confirms Kenne Bristol,  president and CEO of the  $2.05-billion-assets  thrift.
While he declines to discuss likely buyers or deal terms,  sources say potential
acquirers include Michigan-based Old Kent Financial Corp., which is aggressively
buying mid-sized banking  franchises around Chicago,  and Clarendon  Hills-based
MAF  Bancorp  Inc.,  a  $3.53-billion-assets   thrift.  Alliance  is  reportedly
demanding at least $30 per share, or about twice its book value. Alliance shares
have risen 25% to $23.38 since April 1, on speculation that the thrift will sell
before its June 23 annual  meeting,  when it faces a proxy  fight.  From May 24,
1999 issue - Page 2.

                     ST. PAUL DEAL PUTS PRESSURE ON RIVALS
             NEW URGENCY FOR MAF, ALLIANCE TO EITHER MERGE OR SELL.

By Julie Johnsson


Chicago's  leading thrifts face growing  pressure to strike deals following this
month's  $1.2-billion sale of St. Paul Bancorp Inc. to  Cleveland-based  Charter
One Financial Inc.

The acquisition ups the ante for the region's second-and third-largest thrifts -
Clarendon Hills-based MAF Bancorp Inc. and Hinsdale-based  Alliance Bancorp Inc.
- - to quickly merge or sell, analysts say.

And other mergers are likely as  middle-sized  thrifts and banks look to bulk up
in a rapidly consolidating market.

That's because, analysts say, the $24.55-billion-assets  Charter One is expected
to make a formidable competitor out of St. Paul, a perennial  underperformer and
Chicago's largest independent thrift with assets of $5.98 billion.

"It puts immense  pressure on MAF and Alliance to combine,"  and Stephen  Skiba,
director for equity research at Chicago-based investment bank ABN AMRO Inc. "The
two  franchises  are caught in the  middle.  To the south,  they face TCF in the
middle. To the south, they faced TCF Financial Corp., and to the north, they are
going to have Charter One."

Charter One says it will slash St. Paul's expenses by about one-third, stripping
$27  million to $31 million in costs.  It will retain the St. Paul name,  and is
likely to boost St. Paul's mortgage originations business,  challenging the home
lending dominance of MAF in Chicago's southwest suburbs.

That challenge lends new urgency to the merger discussions  reportedly under way
between MAF and  Alliance.  Since  April 1,  shares of the  $1.98-billion-assets
Alliance have soared more than 35% to the $25 range on takeover speculation.

Kenne Bristol,  president and CEO of Alliance,  has confirmed that his thrift is
in play,  but  declines  to discuss  potential  merger  partners  or deal terms:
Officials of $4.11-billion-assets MAF declined comment.

"If  opportunities  make sense,  we're not  closed-minded  to them," Mr. Bristol
says, "No one runs a company forever."

Alliance  and MAF held talks  prior to St.  Paul's  May 17 merger  announcement,
sources say, but were unable to come to terms. MAF officials  reportedly  balked
at Alliance's asking price of $30 per share, or twice its book value.





Alliance and MAF, along with  $5.1-billion-assets  First Midwest Bancorp.  Inc.,
are seen as the  likeliest to be  purchased  as merger  mania  sweeps  Chicago's
mid-sized banks and thrifts.

Driving the  consolidation:  the high demand for Chicago-area  institutions with
assets  between $1 billion and $10  billion,  as  out-of-state  players  seek to
purchase a larger market presence here.

Mid-sized thrifts also face increased demand to sell from unhappy  shareholders,
as their stocks continue to trade well below their April 1998 peak.

"We're in the 14th month of a bear  market for  thrifts,"  says Paul  Duggan,  a
Chicago-based thrift investor and hedge fund manager. "They haven't come back up
to last April's highs - and they're vulnerable."

At their upcoming annual shareholder  meetings,  St. Paul and Alliance both face
shareholder proposals calling for the thrifts to sell (Crain's, April 19).

Richard Nelson, a Kalamazoo, Michigan-based hedge fund manager, heads a slate of
three dissident shareholder  candidates running for spots on Alliance's board at
its June 23 annual  meeting.  Mr.  Nelson used similar  tactics two years ago to
force Chicago`s Standard Financial Inc. to sell out; it was subsequently  bought
by Minneapolis' TCF Financial Corp.

Earlier this year,  bank investor  Harry Keefe Jr.  submitted a proposal for the
thrift's May 26 annual meeting calling on St. Paul to explore a sale.

Mr. Keefe,  CEO of New York-based Keefe Managers Inc., plans to keep his measure
on the ballot,  even though he supports the deal struck by St. Paul  management.
"It will stay there in case the deal falls through," he says.

While other  investors have  questioned  whether St. Paul  undersold,  Mr. Keefe
defends the  thrift's  sale price of $29.12 per share - 2.3 times book value and
18.8 times the thrift's estimated 1999 earnings.

"I  wouldn't  quibble  over the  price," he says.  "A dollar here or there isn't
meaningful.  What's important:  You have a buyer of this company that knows what
to do with it." From May 24, 1999 issue - Page 6.