Magyar Bancorp Reports Board Changes and Compensation Arrangements
Ticker: MGYR · Form: 8-K · Filed: Feb 23, 2024 · CIK: 1337068
Sentiment: neutral
Topics: corporate-governance, executive-compensation, board-changes
TL;DR
**Magyar Bancorp just announced executive and board changes, plus new compensation plans.**
AI Summary
Magyar Bancorp, Inc. filed an 8-K on February 22, 2024, reporting on the departure or election of directors and officers, as well as compensatory arrangements for certain officers. The filing also covers the submission of matters to a vote of security holders. The company, a federally chartered savings institution, is headquartered at 400 Somerset Street, New Brunswick, New Jersey.
Why It Matters
This filing indicates changes in Magyar Bancorp's leadership and executive compensation, which can influence corporate governance and future strategic direction.
Risk Assessment
Risk Level: low — The filing primarily reports routine corporate governance and compensation updates, not indicating immediate financial distress or major operational shifts.
Key Players & Entities
- Magyar Bancorp, Inc. (company) — Registrant
- February 22, 2024 (date) — Date of earliest event reported
- New Brunswick, New Jersey (location) — Principal Executive Offices
- 000-51726 (other) — Commission File No.
- 732-342-7600 (other) — Registrant's telephone number
FAQ
What was the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 22, 2024.
What items were reported in this 8-K filing by Magyar Bancorp, Inc.?
The 8-K reported on the Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers, and Submission of Matters to a Vote of Security Holders.
What is the business address of Magyar Bancorp, Inc.?
The business address of Magyar Bancorp, Inc. is 400 Somerset Street, New Brunswick, New Jersey 08901.
What is the Central Index Key (CIK) for Magyar Bancorp, Inc.?
The Central Index Key (CIK) for Magyar Bancorp, Inc. is 0001337068.
What is Magyar Bancorp, Inc.'s Standard Industrial Classification (SIC)?
Magyar Bancorp, Inc.'s Standard Industrial Classification is SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035].
Filing Stats: 593 words · 2 min read · ~2 pages · Grade level 9.4 · Accepted 2024-02-23 13:37:37
Key Financial Figures
- $0.01 — ch Registered Common Stock, par value $0.01 per share MGYR The NASDAQ Stock Mar
Filing Documents
- form8k-31604_mgyr.htm (8-K) — 33KB
- 0001174947-24-000251.txt ( ) — 204KB
- mgyr-20240222.xsd (EX-101.SCH) — 3KB
- mgyr-20240222_lab.xml (EX-101.LAB) — 34KB
- mgyr-20240222_pre.xml (EX-101.PRE) — 22KB
- form8k-31604_mgyr_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Effective upon the completion of the 2024 Annual Meeting of Stockholders of Magyar Bancorp, Inc. (the "Company"), each of Edward C. Stokes and Michael F. Lombardi retired from the Boards of Directors of the Company and Magyar Bank (the "Bank"), the Company's wholly owned subsidiary, due to reaching the mandatory director retirement age.
07. Submission of
Item 5.07. Submission of Matters to a Vote of Security Holders The 2024 Annual Meeting of Stockholders of the Company was held on February 22, 2024 (the "Annual Meeting"). The matters considered and voted on by the Company's stockholders at the Annual Meeting and the vote of the stockholders were as follows: Matter 1. The election of Jon R. Ansari, MBA and Andrew G. Hodulik, CPA as directors of the Company, each to serve a three-year term and until their successor is elected and qualified. Nominee Shares Voted For Shares Withheld Broker Non-Votes Jon R. Ansari, MBA 3,996,908 174,857 876,875 Andrew G. Hodulik, CPA 3,281,813 889,952 876,875 Matter 2. The ratification of the appointment of S.R. Snodgrass, P.C. as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2024. Shares Voted For Shares Voted Against Abstentions Broker non-votes 4,956,126 44,669 47,846 —
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) Not applicable (d) Not Applicable
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. MAGYAR BANCORP, INC. DATE: February 23, 2024 By: /s/ John S. Fitzgerald John S. Fitzgerald President and Chief Executive Officer