Magyar Bank Announces New Hire
New Brunswick, NJ – November 29, 2023 - Magyar Bank has announced that David Heinmets, of Ocean Township, recently joined the Bank as Vice President, Commercial Loan Officer. Mr. Heinmets will be based in the Bank’s Headquarters building in New Brunswick and has over 30 years of banking experience. Most recently, Mr. Heinmets was Commercial Lender with ConnectOne Bank and is a graduate of King’s College.
Magyar Bank Distributes $50,000 in Grants from Federal Home Loan Bank of New York (FHLBNY)
New Brunswick, NJ—November 16, 2023 – Magyar Bank announced today that it has distributed $50,000 in grant funding provided by the Federal Home Loan Bank of New York Small Business Recovery Grant Program. The program allowed the Bank to support the financial security of local businesses and non-profit organizations throughout central New Jersey that have faced economic challenges as a result of supply chain constraints, inflation concerns, rising energy costs and the rapid rise in interest rates. Twenty organizations received funding from this program.
“Magyar Bank is pleased to provide this assistance to so many organizations in our area,” stated John Fitzgerald, President and Chief Executive Officer. “Businesses and non-profits are faced with higher costs on everything they need to run their operations, and through this additional funding from the FHLBNY, we are pleased to provide critical support and relief to small businesses and nonprofits that are a significant part of our region’s economy. The Small Business Recovery Grant Program provided an additional $5 million in funding to Federal Home Loan Bank of New York members’ who in turn provide grants to small businesses and non-profit organizations.
About Magyar Bank
Magyar Bank, headquartered in New Brunswick, New Jersey, is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $907 million asset community bank. 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 Branchburg, Bridgewater, Edison, New Brunswick, North Brunswick and South Brunswick. Visit Magyar online at www.magbank.com Contact: John Reissner, 732.342.7600 ext. 130
Magyar Bank’s Ryan Read Recognized by New Jersey Bankers as Rising Star in Banking
New Brunswick, NJ—November 3, 2023—Magyar Bank is proud to announce that Ryan Read, senior BSA analyst, is a recipient of the 2023 New Jersey Bankers Association’s Rising Star Award. Mr. Read received this honor in recognition of his contributions to the Banking industry, community involvement and impact on the financial institution they work for. Mr. Read was one of twenty two bankers recognized by the New Jersey Bankers Association at their Rising Star Gala held recently at the Stirling House in Warren, NJ.
Mr. Read has been with Magyar Bank since 2022 when he joined the Bank in his current role.
“Since joining Magyar Bank, Ryan has embraced Magyar’s approach to community banking,” stated John Fitzgerald, president and chief executive officer of Magyar Bank. “His strong work ethic, eagerness to learn, and willingness to get involved in the community makes him a tremendous asset to the Bank.”
Magyar Bank Distributes $50,000 in Grants from Federal Home Loan
Bank of New York (FHLBNY)
About Magyar Bank
Magyar Bank is a subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $907 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 Edison, New Brunswick, North Brunswick, South Brunswick, Bridgewater and Branchburg. Visit Magyar online at www.magbank.com. Media Contact: John Reissner, 732.342.7600
MagyarBank Charitable Foundation Passes $1 Million Mark in Grants Distributed Since Inception
New Brunswick, NJ— October 23, 2023 — The MagyarBank Charitable Foundation eclipsed the $1 million mark after recently awarding $23,100 in grants to nine non-profit organizations serving the Central New Jersey region. Awarded funds will be used to support and improve the lives of local residents. The Foundation provides grants to programs supporting education, affordable housing, youth programs and health and human services.
The following organizations received an award from the MagyarBank Charitable Foundation:
B.P.O.Elks Somerville 1068- Bridgewater, NJ- $1,500.00 to help support the Special Children’s Committee and Camp Moore.
HomeSharing Inc. - Bridgewater, NJ- $2,500.00 to help create affordable housing solutions for the community.
Jewish Family Service Middlesex- North Brunswick, NJ- $2,500.00 to support the Kosher Meals on Wheels and the Congregate Senior Meal Program for homebound senior adults.
Lower Raritan Watershed Partnership- New Brunswick, NJ- $2,500.00 to support the Rowing on the Raritan Boat Building program.
New Jersey Federation of Women’s Clubs- New Brunswick, NJ- $2,500.00 to support for the Girls Career Institute College Experience.
SCORE Princeton- Princeton, NJ- $1,000.00 to support the organizations operating needs.
Triple C Housing- North Brunswick, NJ- $5,000.00 to support the Pop up Pantry for families at Pennrose Truman Square.
YMCA MEWSA- Metuchen, NJ- $2,500.00 to support the Teen Leaders Club at the YMCA.
Town Clock Community Development Corporation- New Brunswick, NJ- $2,500.00 to fund the ongoing case management program
“The MagyarBank Charitable Foundation is dedicated to supporting organizations that provide educational, affordable housing and youth programs as well as health and human services,” stated John Reissner, President of the MagyarBank Charitable Foundation. “In addition to the grants provided by the Foundation which now exceed $1 million since the Foundation’s start, Magyar employees donate hundreds of hours each year, volunteering their time to further support these worthy organizations. We are proud to be a part of this community, and provide support to these organizations so that they may further their initiatives which are aligned with the Foundation’s vision.”
The MagyarBank Charitable Foundation was established in 2006 by Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR).
To apply for a grant, applicants are asked to visit www.magbank.com to download an application. Applications with supporting documentation should be sent to MagyarBank Charitable Foundation, c/o Magyar Bank, 400 Somerset St., New Brunswick, NJ 08901. For more information about the MagyarBank Charitable Foundation, call 732-342-7600 or visit www.magbank.com.
Contact: John Reissner, 732.214.2083
MagyarBank Charitable Foundation Awards $31,781 to Various Central New Jersey Non-Profit Organizations
 New Brunswick, NJ—April 7, 2023 — The MagyarBank Charitable Foundation recently awarded $31,781 in grants to eleven non-profit organizations serving the Central New Jersey region. Awarded funds will be used to support and improve the lives of local residents. The Foundation provides grants to programs supporting education, affordable housing, youth programs and health and human services.
The following organizations received an award from the MagyarBank Charitable Foundation:
CASA of Middlesex County – New Brunswick, NJ - $2,500 awarded to fund and support volunteer recruitment efforts to increase the number of children served in their programs.
Central Jersey Housing Resource Center – Somerville, NJ - $5,000 to fund and support their 2023 programs assisting low and moderate income families with the purchase of their first home.
Embrace Kids Foundation – New Brunswick, NJ - $2,500 to help fund and support their RU4kids program that provides tutoring, patient advocacy and other programs for pediatric patients.
Middlesex College Foundation – Edison, NJ - $1,000 to help fund and support scholarships for students
Reconnect Hungary – New Brunswick, NJ - $1,000 to fund the Hungarian birthright program for young adults to understand the meaning of their heritage and importance in New Jersey.
New Brunswick Health Sciences Technology High School – New Brunswick, NJ - $5,000 to help support their scholarship awards program
The Midland School – North Branch, NJ - $2,281.45 to purchase a Square Panda classroom literacy subscription with playsets for their students.
Raritan Valley Habitat for Humanity – Pluckemin, NJ - $2,500 to renovate an affordable home in Franklin, NJ and prepare to break ground for a home to be built for a Veteran in Somerville.
Caritas Program at Holy Family Parish – North Brunswick, NJ - $2,500 for their community food garden which brings healthy food alternatives to low and moderate income families in the community.
Brain Injury Alliance of New Jersey – North Brunswick, NJ - $5,000 to support their annual gala which raises funds for the programs conducted annually helping individuals with brain injury and their caregivers maximize their quality of life.
New Brunswick Education Foundation – New Brunswick, NJ - $2,000 to support Innovative Teacher Grants for Exellence Program that provides grants and technical support to district teachers.
“The MagyarBank Charitable Foundation is dedicated to supporting organizations that provide educational, affordable housing and youth programs as well as health and human services,” stated John Reissner, President of the MagyarBank Charitable Foundation. “We are pleased to present grants to these organizations so that they may further their initiatives which support the Foundation’s vision.”
The MagyarBank Charitable Foundation was established in 2006 by Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR). To apply for a grant, applicants are asked to visit www.magbank.com to download an application. Applications with supporting documentation should be sent to MagyarBank Charitable Foundation, c/o Magyar Bank, 400 Somerset St., New Brunswick, NJ 08901. For more information about the MagyarBank Charitable Foundation, call 732-342-7600 or visit www.magbank.com.
Magyar Bancorp Announces Appointment of Three New Directors
New Brunswick, NJ—December 13, 2022—Magyar Bancorp, Inc., parent company of Magyar Bank, is pleased to announce that Susan Eisenhauer, Michael Lombardi, and Maureen Ruane were appointed to the Board of Directors of Magyar Bancorp, and Magyar Bank.
 Ms, Eisenhauer is currently retired. She served as Managing Director with Deloitte Tax, LLP from 2001 -2017, specializing in international tax and transfer pricing for multi-national enterprises. She worked in the field of corporate international tax for 37 years, both in-house and as an outside advisor. Ms. Eisenhauer also served as Walk Manager for National Alliance on Mental Illness (NAMI) from 2019-2021, responsible for fund raising and project management for the non-profit organization. A resident of Boonton, Ms. Eisenhauer’s financial expertise and business background will bring valuable experience to the Company and the Bank in dealing with financial reporting and regulations. Ms. Eisenhauer graduated with a B.A. from Muhlenberg College, a J.D. from Fordham Law School, where she served as Editor-in-Chief of the Fordham International Law Journal, and an L.L.M. in Taxation from NYU School of Law.
 Mr. Lombardi is President and Senior Attorney with Lombardi & Lombardi, P.A. based in Edison, New Jersey. He is also currently a Director with Chef’s International and is a managing member of several real estate holding companies and a residential construction company. Mr. Lombardi previously served on the Boards of Enterprise Bank and SB One Bank. A resident of Edison, Mr. Lombardi’s prior experience with Bank Boards, combined with his knowledge of the local market and business acumen, will enhance the Board’s objective of maintaining a membership of experienced and dedicated individuals with diverse backgrounds, perspectives, skills and other qualities that are beneficial to the Company, and the Bank.
Ms. Ruane currently works for New Jersey Community Solutions, LLC, and previously served as Business Administrator for the Township of Edison. A resident of Caldwell, Ms. Ruane’s knowledge of the Bank’s local market, financial acumen and strong connections within central New Jersey will further strengthen the Board’s objective of maintaining a membership of experienced and dedicated individuals with diverse backgrounds, perspectives, skills and other qualities that are beneficial to the Company, and the Bank.
Commenting on the new appointments, Magyar Bank Board Chairman Tom Lankey stated, “We are pleased to welcome Susan, Michael and Maureen to the Magyar Board. Each of them are well connected within the communities we serve, and have the professional and business acumen that will further strengthen the Board’s objective of maintaining a membership of experienced and dedicated individuals with diverse backgrounds, perspectives, skills and other qualities that are beneficial to the Company, and the Bank.”
MagyarBank Charitable Foundation Awards $30,000 to Various Central New Jersey Non-Profit Organizations
 New Brunswick, NJ—November 8, 2022 — The MagyarBank Charitable Foundation recently awarded $30,000.00 in grants to eleven non-profit organizations serving the Central New Jersey region. Awarded funds will be used to support and improve the lives of local residents. The Foundation provides grants to programs supporting education, affordable housing, youth programs and health and human services.
The following organizations received an award from the MagyarBank Charitable Foundation:NJ State Federation of Women's Club
Churches Improving Communities, Hyland Park, NJ – $2,500 awarded to help fund and support New Jersey Interfaith Center for Cancer’s mission of addressing the spiritual, emotional, social and practical needs of under-resourced individuals dealing with cancer in central NJ.
Damon House, Inc., New Brunswick, NJ - $2,500 awarded to help fund the purchase of a commercial dishwasher and cost of training for incoming clients interested in obtaining employment in the food service industry.
Elijah’s Promise, New Brunswick, NJ - $2,500 awarded to help fund and support all the food systems programs particularly the emergency feeding and services programs which has been greatly magnified due to the pandemic.
Greater Somerset County YMCA, Basking Ridge, NJ - $2,500 awarded to help fund their food security program that provides weekend snacks and meals for children whose families struggle with food insecurity.
The Hugs for Brady Foundation, Kendall Park, NJ - $2,500.00 to help fund some of the general operating expenses of their programs that help children with childhood cancer.
Jewish Community Center of Middlesex County, Edison, NJ - $2,500 to help fund and support the expansion of their special needs programs for children and teens with Autism Spectrum Disorder.
Meals on Wheels of Greater New Brunswick, New Brunswick, NJ - $2,500 awarded to help fund and support the expansion of their Adult with Disabilities Meals on Wheels Program for adults with disabilities that have no meal support and are unable to provide meals for themselves.
New Jersey State Federation of Women’s Club (NJSFWC), New Brunswick, NJ - $2,500 awarded to help fund and support NJSFWC’s Girls Career Institute that provides a 4-day mini college experience for high school junior girls.Triple C Housing
Triple C Housing, Inc., North Brunswick, NJ - $5,000 awarded to continue funding a pop-up pantry established in 2021 for families at Pennrose’s Truman Square residential housing development providing residents with access to basic non-perishable foods, toiletries and school supplies.
Who is My Neighbor, Inc. (WIMNI), Highland Park, NJ - $2,500 awarded to help fund and support WIMNI’s “The Cave Afterschool Program.”
Women Aware, New Brunswick, NJ - $2,500 awarded to help fund the expansion of services to meet the needs of those affected by domestic violence in Middlesex County.
“The MagyarBank Charitable Foundation is committed to offering support to those who need it most,” stated John Reissner, President of the MagyarBank Charitable Foundation. “And we look forward to the meaningful and long-term impact these local organizations will create in the communities we serve.”
Magyar Bancorp Announces Record Earnings
 New Brunswick, NJ - November 3, 2022 – Magyar Bancorp (NASDAQ: MGYR) parent company of Magyar Bank, reported today a 29% increase in its net income for the year ended September 30, 2022. The Company reported net income of $7,919,000 for the year ended September 30, 2022 compared with $6,120,000 for the year ended September 30, 2021.
“We are very pleased to report record earnings for the second consecutive year”, stated John Fitzgerald, President and Chief Executive Officer. “The successful deployment of the capital raised in our 2nd step conversion in 2021 produced strong loan growth for the Bank during the year. Combined with our prudent balance sheet management, which resulted in a year over year increase in our net interest margin, earnings growth was driven by core bank earnings and increased our fiscal year return on average assets to 1.00%.”
Mr. Fitzgerald continued, “As we look ahead to our next fiscal year, inflation and its impact on the economy will need to be closely monitored, but we are encouraged to see our loan pipeline remain strong and will continue maintaining strong underwriting standards.”
Middlesex County Board Commissioners Recognize Magyar Bank with Corporate Hunger Hero Award
 New Brunswick, NJ – September 8, 2022 – Magyar Bank is pleased to announce they have been named the 2022 Corporate Hunger Hero by REPLENISH and Feeding Middlesex County for the Bank’s volunteerism, food drive efforts and monetary donations over the years.
To acknowledge this special honor, the Board of County Commissioners of Middlesex County presented Magyar Bank with a resolution in recognition of the Bank’s accomplishments and contributions to both REPLENISH and Feeding Middlesex County. Included in the group of attendees were Middlesex County Commissioner, Claribel A. Azcona-Barber, Middlesex County Commissioner, Charles Tomaro, Director of REPLENISH, Jennifer Apostol and Magyar Bank President and Chief Executive Officer, John Fitzgerald among other Middlesex County representatives. Magyar Bank will also be recognized for this achievement at the Feeding Middlesex County Hunger Heroes Awards Cocktail Reception to be held later this month at the Pines Manor in Edison.
Magyar Bank has been hosting food drives for REPLENISH over the last 16 years and donated more than 6,800 pounds of food to the organization as well as donated close to $25,000 to Feeding Middlesex County.
Commenting on the recognition, Magyar Bank President and Chief Executive Officer John Fitzgerald noted, “We are delighted to receive this honor as we celebrate 100 years of serving the local community. Helping our community grow and prosper is woven into the fabric of our bank as we continue to follow in the footsteps of our founding fathers, helping to make a difference in the communities we serve.”
Each year, Magyar supports numerous organizations through corporate donations and employees volunteering their time. In addition, the Magyar Bank Charitable Foundation, established in 2006, has provided over $850,000 in grants to over 100 local organizations, further cementing Magyar’s reputation as a leader in the community.
MagyarBank Charitable Foundation Awards $37,000.00 to Various Central New Jersey Non-Profit Organizations
 New Brunswick, NJ—May 4, 2022 — The MagyarBank Charitable Foundation recently awarded $37,000.00 in grants to fourteen non-profit organizations serving the Central New Jersey region. Awarded funds will be used to support and improve the lives of local residents. The Foundation provides grants to programs supporting education, affordable housing, youth programs and health and human services.
The following organizations received an award from the MagyarBank Charitable Foundation:HomeSharing, Inc.
Archangel Raphael’s Mission (ARM), Edison, NJ - $2,500 awarded to support their “Showers for the Homeless Mobile Hygiene Program” and “Coalition for Daily Dinners Initiative” for clients in and around New Brunswick.
Brain Injury Alliance of New Jersey, North Brunswick, NJ - $2,500 awarded to support a one-week socialization and recreational program entitled “Camp T.R.E.K.” (Together in Recreation, Exploration and Knowledge) for up to 35 adults over the age of 18 who have experienced a brain injury.
C.A.S.A of Somerset, Hunterdon and Warren Counties - Lebanon, NJ - $2,500 awarded to support their continued efforts in educational advocacy training.
Center for Educational Advancement (CEA) - Flemington, NJ - $2,500 awarded to fix the current issues with the CEA vehicles used to transport clients with job coaches back and forth to CEA and employment locations in the community.
Central Jersey Housing Resource Center (CJHRC)– Somerville, NJ - $5,000.00 to support CJHRC’s programs and services such as information and referral services, pre-purchase, financial literacy and foreclosure counseling.
Down Syndrome Association of Central New Jersey - Ewing, NJ - $2,500 to help fund the purchase of educational software devices and program supplies that are specifically developed to help individuals with Down Syndrome learn to read and write as well as help fund therapeutic swings and supplies for speech, physical therapy and occupational therapy.
Dress for Success Central Jersey - Lawrenceville, NJ - $1,500 awarded to help fund and support a financial literacy program for the women and families they serve.
HiTOPS, Inc. – Princeton, NJ - $1,000 awarded to help fund training, professional development, coaching and support to 500 youth-facing staff.
HomeSharing, Inc. – Bridgewater, NJ - $2,500 awarded to help fund and support their mission of assisting families in central New Jersey find affordable housing. CJHRC
New Brunswick Education Foundation – New Brunswick, NJ - $2,000 awarded to support the “Innovative Teacher Grants for Excellence Program” that provides grants and technical support to New Brunswick Public School District teachers to develop and implement performance based educational projects and activities.
New Brunswick Health Science Technology High School – New Brunswick, NJ - $5,000 awarded to support their scholarship awards program.
Raritan Valley YMCA – East Brunswick, NJ - $2,500 awarded to help fund a free week-long bereavement camp in July for families that have been impacted in significant ways including financially, mentally, emotionally and physically by COVID-19.
The Center for Great Expectations – Somerset, NJ - $2,500 awarded to support the funding of 50 hours of intensive daily counseling between the women, their children and trained staff that provide individualized trauma informed clinical treatment.
Town Clock, Community Development Corporation (CDC) – New Brunswick, NJ - $2,500 awarded to help fund and support their ongoing Case Management Program that needs to be expanded to meet the needs of additional residents and their children.
“The MagyarBank Charitable Foundation is dedicated to supporting organizations that improve the quality of life of Central Jersey residents,” stated John Reissner, President of the MagyarBank Charitable Foundation. “Local nonprofits make our communities thrive, and we are pleased to contribute our support to them to continue to enrich the lives of residents in the communities we serve.”
Magyar Bank Announces New Hires & Promotions
New Brunswick, NJ – February 15, 2022. Magyar Bank has announced the following new hires and personnel changes:
Paige Burwell, of Middlesex, recently joined Magyar Bank as Vice President, Branch Manager of the Bank’s Edison Office located in the Tano Mall at 1199 Amboy Avenue. Prior to joining Magyar, Ms. Burwell was Vice President, Area Manager at Unity Bank. She has over 7 years of banking experience and is a graduate of the University of Tampa.
Laura Irovando, of North Brunswick, has been promoted to First Vice President, Branch Administrator and will continue to oversee the Bank’s branch network. Ms. Irovando has over 40 years of banking industry experience and has been with Magyar since 2005. She most recently served as Vice President of Branch Administration.
Joseph Figueroa, of New Brunswick, recently joined Magyar Bank as Assistant Vice President, Credit Officer. Mr. Figueroa will be based in the Bank’s Headquarters building in New Brunswick Most recently, he was Assistant Vice President, Loan Review Officer at First Commerce Bank. Mr. Figueroa has over 8 years of experience in various commercial credit positions and holds a Bachelor’s of Science in Management from the Andreas School of Business at Barry University.
Diana Braga, of Kearny, has been promoted to Assistant Vice President, Community Relations and Marketing and will continue to support the Bank’s community relations and marketing efforts. Ms. Braga has been with Magyar since 2021 and is a graduate of Seton Hall University as well as an active member of her community.
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.
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