Magyar Bancorp Announces Results of Annual Shareholder Meeting

NEW BRUNSWICK, N.J., March 17, 2011 /PRNewswire/ -- Magyar Bancorp, Inc., parent company of Magyar Bank, announced today the results of the Company's annual shareholder meeting held Wednesday, March 16, 2011.  

Shareholders re-elected Joseph J. Lukacs, Jr., D.M.D., Salvatore J. Romano, Ph. D, Edward C. Stokes, III and John S. Fitzgerald, and ratified the appointment of Parente Beard LLC as the Company's independent registered public accountants for 2011.

"We are encouraged by the strong support from our shareholders," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp and Magyar Bank.  "Magyar made significant progress over the past year despite the challenging economic environment, and reported net income of $3.9 million for Fiscal Year 2010.  We expect this positive momentum to continue into Fiscal Year 2011.  As we discussed at the annual meeting, Magyar Bank sold four REO properties in Fiscal Year 2010 totaling $3.6 million for a net gain of $62,000, and as of our most recent quarter end, December 31, 2010, we have contracts of sale on four properties with a carrying value of $7.3 million, or 56% of Real Estate Owned."

About Magyar Bancorp

Magyar Bancorp (Nasdaq: MGYR) is the parent company of Magyar Bank, a $526 million asset community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services, and today Magyar operates branch locations in Bridgewater, Branchburg, New Brunswick (2), North Brunswick, and South Brunswick.  Visit Magyar online at www.magbank.com.

SOURCE Magyar Bancorp

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