HINSDALE, Ill., Aug. 22 /PRNewswire/ -- Alliance Bancorp (Nasdaq: ABCL),
the holding company for Liberty Federal Bank, today announced a three-for-two
stock split in the form of a dividend on the Company's outstanding common
stock.  The stock split will be paid on September 26, 1997, to stockholders of
record on September 12, 1997.  No fractional shares will be issued in
connection with the payment of the stock split.  Stockholders entitled to
receive a fractional share as a result of the stock split will receive cash in
lieu of fractional shares.
    The Company also announced its intention to increase its quarterly cash
dividend, payable on October 20, 1997, to stockholders of record on September
30, 1997.  The new quarterly dividend is 11 cents per share, or 44 cents on an
annual split-adjusted basis.  This corresponds to 66 cents per pre-split
share.  The previous pre-split annualized dividend rate was 65 cents per
share.
    At June 30, 1997, Alliance Bancorp's total assets were $1.4 billion and
total deposits of the bank were over $1 billion.  The Company's stockholders'
equity was $125 million, resulting in a book value of $15.60 per share on a
split-adjusted basis.
    Alliance Bancorp is the parent company of Liberty Federal Bank which was
recently formed through the merger of Hinsdale Federal Bank and Liberty
Federal Savings Bank.  Liberty Federal Bank is a community-oriented financial
services company operating 14 retail banking offices in Chicago, north and
western Cook County and DuPage County.  Liberty Financial Services Inc., a
subsidiary of Liberty Federal Bank, provides full-service insurance services
as a licensed insurance agency, and investment transactions for customers
through INVEST Financial Corporation with 11 licensed brokers operating in all
14 offices of the bank.  Preferred Mortgage Associates Ltd., a subsidiary of
Liberty Federal Bank, is one of the largest mortgage brokers in the Chicago
metropolitan area.  Preferred has four mortgage origination offices including
its headquarters in Downers Grove, Ill.
    The Company's common stock trades on the Nasdaq National Market tier of
the Nasdaq Stock Market under the symbol: ABCL.

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