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.