Press Releases

Magyar Bank Invests $250,000 in New Jersey’s Neighborhood Revitalization Tax Credit Program

New Brunswick, NJ—April 2, 2025 – Magyar Bank announced today that it has invested $250,000 in New Jersey’s Neighborhood Revitalization Tax Credit Program, supporting New Brunswick Tomorrow (NBT) and their affordable housing programs in New Brunswick’s Esperanza neighborhood.

Since 2012, New Brunswick Tomorrow has been bringing together residents, local businesses, partner nonprofits, and other stakeholders of this majority-Latino, low-income and working-class neighborhood outside New Brunswick’s downtown to develop and implement community improvement strategies, including support for homeownership for first-time homebuyers with down payment assistance and intensive homeownership preparation.

Part of the New Jersey Department of Community Affairs, the Neighborhood Revitalization Tax Credit (NRTC) allows Magyar Bank to invest in a community it has called home since being founded in 1922, and continues the Bank’s legacy of working to assist families achieve the American dream of home ownership.

“Magyar Bank is pleased to provide this assistance to an organization like New Brunswick Tomorrow that shares in our vision of assisting families purchase their first home,” stated John Fitzgerald, President and Chief Executive Officer. “New Brunswick Tomorrow has a tremendous impact on our community, and we’re proud to support the work they do.”

About Magyar Bank
Magyar Bank, headquartered in New Brunswick, New Jersey, is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $1 billion 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, Edison, Martinsville, New Brunswick, North Brunswick and South Brunswick. Visit Magyar online at www.magbank.com

Contact: John Reissner, 732.342.7600 ext. 130

Magyar Bank Announces Promotions

New Brunswick, NJ – January 6, 2025 – Magyar Bank is pleased to announce the following personnel changes:

Joseph Figueroa, of New Brunswick, has been promoted to Vice President, Credit Officer. Joe has been with Magyar Bank since 2022 and will lead the Bank’s Credit Analyst team.

Kenneth Lemmert, of Piscataway, has been named Senior Vice President, Compliance Officer. Ken’s responsibilities will include leading both the Compliance and BSA Departments. Ken joined Magyar Bank in 2019 and previously managed the Bank’s BSA Department.

Mary Patkus, of Freehold, has been promoted to Vice President, BSA Officer. Mary has been with Magyar Bank for 26 years and has served many roles during her time with the Bank. She previously was Assistant Vice President, Assistant BSA Officer.

Ryan Read, of Phillipsburg, has been promoted to Assistant Vice President, Assistant BSA Officer. Ryan joined Magyar Bank in 2022 and was previously Senior BSA Analyst.

About Magyar Bank
Magyar Bank, headquartered in New Brunswick, New Jersey, is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $951 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 seven branch locations in Branchburg, Edison (2), Martinsville, New Brunswick, North Brunswick and South Brunswick. Visit Magyar online at www.magbank.com
Contact: John Reissner, 732-342-7600, ext. 130.

MagyarBank Charitable Foundation Awards $29,500 to Various Central New Jersey Non-Profit Organizations

New Brunswick, NJ— October 22, 2024 — The MagyarBank Charitable Foundation recently awarded $29,500 in grants to thirteen 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:

FISH Inc., Piscataway, NJ– $2,000 to help support the rebuild of Friendship Hall after an unexpected fire.

Jewish Family Services of Middlesex County, North Brunswick, NJ – $2,500 in support of their two kosher food pantries for home bound senior adults.

Little Servant Sisters St. Joseph’s Senior Home, Woodbridge, NJ– $2,500 purchase equipment for the residents of St. Josephs Senior Nursing Home that will assist with the posture and positioning of our residents who need this type of support.

Raritan Valley Habitat for Humanity, Pluckemin, NJ– $2,500 to help attain affordable property, building materials, and services like educating all homeownership applicants.

SCORE Princeton/Central Jersey, Princeton, NJ– $1,000 to help support administrative costs, marketing costs and office expenses.

Soup Kitchen 411, Bethlehem, PA– $2,500 in support of a trial program for distributing nutritional bars through select food pantries across NJ.

State Theatre New Jersey, New Brunswick, NJ– $3,000 in support of their annual Seasonal Classic Celebration.

St. John the Evangelist Church, Dunellen, NJ- $2,500 to support their food pantry which provides assistance to those in need in the community.

Town Clock CDC, New Brunswick, NJ– $2,500 Case Manager Program that aims to strengthen residents skills, self-image and help them heal.

Triple C Housing- North Brunswick, NJ– $5,000 in support of the pop up pantry established in 2021 for families at Pennrose Truman Square residential housing development.

Women Aware, New Brunswick, NJ– $1,000 to help increase victim safety, and reduce barriers to services by providing clients with the protection and services they need to pursue safe and healthy lives.

YMCA MEWSA, Metuchen, NJ– $2,500 in support of the Teen Leaders Club, a free leadership development and community service program which helps teens discover their full potential.

Magyar Bank Annouces Grand Opening of Martinsville Location

New Brunswick, NJ – October 11, 2024-Magyar Bank is pleased to announce the Grand Opening of its newest branch at 1990 Washington Valley Road in Martinsville. To celebrate this occasion, Magyar Bank will hold a special celebration October 18 and 19, as well as hold in-branch contests to win prizes including tickets to a New Jersey Devils game, and gift certificates to local restaurants and businesses.

Grand Opening Celebration – October 18 & 19
Magyar Bank is opening the new branch in style with an open house on Friday, October 18 from 10am – 5p and Saturday, October 19 from 9am – 12pm. Guests can spin the Magyar prize wheel to win free Magyar swag, and a chance to enter the Magyar Money Machine. Refreshments will be available on both days.
Guests may also enter our contests for tickets to an upcoming New Jersey Devils game, and gift certificates to local restaurants and businesses. Entry forms will be available in the branch.

Pumpkin Decorating Contest
The Martinsville Office will also be giving away free pumpkins while supplies last for children ages 3-12 for the pumpkin decorating contest. There will be two judging categories, one for children 3-6 and the other for 7-12 year-olds, and one winner from each category will win a $50 gift card!
The pumpkin decorating contest is valid at the Martinsville branch only, and there is no purchase necessary to enter or win. Pumpkins will be available on a first come, first served basis, and all decorated pumpkins must be returned by October 26 to be eligible for the contest. For more information, contact the Martinsville branch directly at 732-805-1895, visit www.magbank.com, or stop by at 1990 Washington Valley Road in Martinsville, next to the Martinsville post office.

About Magyar Bank
Magyar Bank, headquartered in New Brunswick, New Jersey, is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $944 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. Visit Magyar online at www.magbank.com
Contact: John Reissner, 732-342-7600, ext. 130.

MagyarBank Charitable Foundation Awards $29,500 to Various Central New Jersey Non-Profit Organizations

New Brunswick, NJ— October 22, 2024 — The MagyarBank Charitable Foundation recently awarded $29,500 in grants to thirteen 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:

FISH Inc., Piscataway, NJ– $2,000 to help support the rebuild of Friendship Hall after an unexpected fire.

Jewish Family Services of Middlesex County, North Brunswick, NJ – $2,500 in support of their two kosher food pantries for home bound senior adults.

Little Servant Sisters St. Joseph’s Senior Home, Woodbridge, NJ– $2,500 purchase equipment for the residents of St. Josephs Senior Nursing Home that will assist with the posture and positioning of our residents who need this type of support.

Raritan Valley Habitat for Humanity, Pluckemin, NJ– $2,500 to help attain affordable property, building materials, and services like educating all homeownership applicants.

SCORE Princeton/Central Jersey, Princeton, NJ– $1,000 to help support administrative costs, marketing costs and office expenses.

Soup Kitchen 411, Bethlehem, PA– $2,500 in support of a trial program for distributing nutritional bars through select food pantries across NJ.

State Theatre New Jersey, New Brunswick, NJ– $3,000 in support of their annual Seasonal Classic Celebration.

St. John the Evangelist Church, Dunellen, NJ- $2,500 to support their food pantry which provides assistance to those in need in the community.

Town Clock CDC, New Brunswick, NJ– $2,500 Case Manager Program that aims to strengthen residents skills, self-image and help them heal.

Triple C Housing- North Brunswick, NJ– $5,000 in support of the pop up pantry established in 2021 for families at Pennrose Truman Square residential housing development.

Women Aware, New Brunswick, NJ– $1,000 to help increase victim safety, and reduce barriers to services by providing clients with the protection and services they need to pursue safe and healthy lives.

YMCA MEWSA, Metuchen, NJ– $2,500 in support of the Teen Leaders Club, a free leadership development and community service program which helps teens discover their full potential.

Magyar Bank Annouces Grand Opening of Martinsville Location

New Brunswick, NJ – October 11, 2024-Magyar Bank is pleased to announce the Grand Opening of its newest branch at 1990 Washington Valley Road in Martinsville. To celebrate this occasion, Magyar Bank will hold a special celebration October 18 and 19, as well as hold in-branch contests to win prizes including tickets to a New Jersey Devils game, and gift certificates to local restaurants and businesses.

Grand Opening Celebration – October 18 & 19
Magyar Bank is opening the new branch in style with an open house on Friday, October 18 from 10am – 5p and Saturday, October 19 from 9am – 12pm. Guests can spin the Magyar prize wheel to win free Magyar swag, and a chance to enter the Magyar Money Machine. Refreshments will be available on both days.
Guests may also enter our contests for tickets to an upcoming New Jersey Devils game, and gift certificates to local restaurants and businesses. Entry forms will be available in the branch.

Pumpkin Decorating Contest
The Martinsville Office will also be giving away free pumpkins while supplies last for children ages 3-12 for the pumpkin decorating contest. There will be two judging categories, one for children 3-6 and the other for 7-12 year-olds, and one winner from each category will win a $50 gift card!
The pumpkin decorating contest is valid at the Martinsville branch only, and there is no purchase necessary to enter or win. Pumpkins will be available on a first come, first served basis, and all decorated pumpkins must be returned by October 26 to be eligible for the contest. For more information, contact the Martinsville branch directly at 732-805-1895, visit www.magbank.com, or stop by at 1990 Washington Valley Road in Martinsville, next to the Martinsville post office.

About Magyar Bank
Magyar Bank, headquartered in New Brunswick, New Jersey, is the principal subsidiary of Magyar Bancorp (NASDAQ: MGYR), and is a $944 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. Visit Magyar online at www.magbank.com

MAGYAR BANCORP, INC. APPOINTS MICHAEL R. LOMBARDI AS DIRECTOR

New Brunswick, New Jersey, July 25, 2024 – Magyar Bancorp (NASDAQ: MGYR) (“Company”), parent company of Magyar Bank, announced that Michael R. Lombardi was elected to serve as Director of the Company on July 25, 2024. Mr. Lombardi will serve as a member of the class of Directors whose term expires following the fiscal year ending September 30, 2026.

“As an Associate with Lombardi & Lombardi, P.A. based in Edison, New Jersey. Mr. Lombardi’s knowledge of the local market will be a tremendous asset to the Bank,”stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. “In addition, Mike’s experience as an attorney will bring to the Board a unique and valuable perspective on legal and legal-related issues that may arise in the operations of the Bank and the Company.”

Mike R Lombardi

Magyar Bancorp Named to 2024 KBW Bank Honor Roll

New Brunswick, NJ—June 4, 2024—Magyar Bancorp, Inc. (Nasdaq: MGYR), the parent company of Magyar Bank, was recently recognized by KBW as a member of their 2024 Bank Honor Roll, comprising 18 elite, high-performing Banks with the strongest and/or most consistent earnings growth over the past decade. The KBW Bank Honor Roll is published by Keefe, Bruyette & Woods, Inc., a leading investment bank specializing in the financial services industry.
“We are honored to be recognized as one of KBW’s top performing banks,” stated John Fitzgerald, President and CEO of Magyar Bank. “Magyar’s community banking strategy has provided consistently strong growth and a positive return for our shareholders. The successful execution of this strategy is a testament to the dedication of our team of bankers, and further solidifies our leadership role in the communities we serve.”

About Magyar Bancorp
Magyar Bancorp is the parent company of Magyar Bank, a 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. Magyar operates branch locations in Branchburg, Bridgewater, Edison, New Brunswick, North Brunswick and South Brunswick.

MagyarBank Charitable Foundation Grants $36,200 to 11 Non-Profit Organizations

New Brunswick, NJ— April 19, 2024 — The MagyarBank Charitable Foundation recently awarded $36,200 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:

Center for Great Expectations – Somerset, NJ– $2,500.00 to help support the Pregnant & Parenting Residential Programs Early Relational Health Counseling Program.
Central Jersey Housing Resource Center – Somerville, NJ- $5,000.00 to support programs including pre-purchase, financial literacy, and foreclosure counseling.
Elijah’s Promise- New Brunswick, NJ- $2,500.00 to continue their vital work in the Central New Jersey community.
First Tee Raritan Valley- Kenilworth, NJ- $3,000.00 to support ACE program; a capstone program built for teens.
Hark – Girls on the Run- Hillsborough, NJ– $1,000.00 to support their 8 week GOTR program for girls in 3-8 grade.
JCC Middlesex County- Edison, NJ- $7,200.00 to incorporate a wider aray of lectures, experiential opportunities, musical perdormances, trips and discussion groups for adults in the community.
Middlesex College Foundation- Edison, NJ– $1,500.00 to aid students with financial aid, scholarships and educational resources.
Meals on Wheels Greater New Brunswick- New Brunswick, NJ– $2,500.00 to support initiatives aimed at tackling food insecurity and promoting social and health well-being.
New Brunswick Education Foundation – New Brunswick, NJ– $5,000.00 to support their Innovative Teacher Grants for Excellence Program.
New Brunswick Health Sciences Technology High School- New Brunswick, NJ- $5,000.00 to support their scholarship awards program.
Raritan Valley YMCA- East Brunswick, NJ- $2,000.00 to support 50 kids to learn how to swim and understand the importance of water safety.

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.

David Heinmets 23

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

FHLBNY Grant

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.”

Routing Number: 221270910

NMLS #688933

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