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                        ALLIANCE BANCORP
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FOR IMMEDIATE RELEASE

ALLIANCE BANCORP ANNOUNCES CASH DIVIDEND OF 14 CENTS PER SHARE


Hinsdale,  Illinois June 17, 1999, Alliance Bancorp  (Nasdaq:ABCL),  the holding
company for Liberty  Federal Bank,  today announced a cash dividend of $0.14 per
share, payable on July 14, 1999, to holders of its common stock as of the record
date of June 30, 1999.

Russell 3000 Index
Alliance also  announced that a preliminary  determination  has been made by the
Frank Russell  Company to add Alliance  Bancorp Common Stock to the Russell 3000
Index, the highly respected index of top U.S.  small-capitalization  stocks. The
Russell 3000 Index is compiled by the Frank Russell Company,  one of the world's
leading asset consulting and investment  management firms,  providing investment
advice,  analytical tools and funds to institutional and individual investors in
more than 25  countries.  More than $100 billion is invested in index funds that
use Russell's U.S. stock indeces as their model.

"We are pleased to have the  distinction  of being  included in the Russell 3000
Index consideration," Kenne P. Bristol, President and Chief Executive Officer of
Alliance  Bancorp  stated.  "The  intention to include  Alliance  Bancorp in the
Russell  Indexes is a reflection of the  Company's  performance  and  attractive
future prospects."

Liberty  Federal  Bank  is  a  community-oriented   financial  services  company
operating 20 retail banking offices in Chicago and surrounding suburbs.

The  company's  common  stock trades on the Nasdaq  National  Market tier of the
Nasdaq Stock Market under the symbol: ABCL.

For more information contact:

Richard A. Hojnicki
Executive Vice President
  and Chief Financial Officer
(630) 794-8758