Magyar Bancorp Announces Director Changes and Officer Compensation
Ticker: MGYR · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1337068
Sentiment: neutral
Topics: director-change, officer-compensation, governance
TL;DR
Board shakeup at Magyar Bancorp: Maggiano out, Corbo & D'Antonio in. Officer pay details also filed.
AI Summary
On July 25, 2024, Magyar Bancorp, Inc. filed an 8-K report detailing several key events. The company announced the departure of Director John J. Maggiano and the election of new directors, including Joseph J. Corbo and Robert J. D'Antonio. Additionally, the filing includes information regarding compensatory arrangements for certain officers and financial statements.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Director departures and new appointments, along with compensation details, can introduce uncertainty regarding future strategic direction and executive leadership.
Key Players & Entities
- Magyar Bancorp, Inc. (company) — Registrant
- John J. Maggiano (person) — Departing Director
- Joseph J. Corbo (person) — Newly Elected Director
- Robert J. D'Antonio (person) — Newly Elected Director
- July 25, 2024 (date) — Filing Date
FAQ
Who has departed from the Magyar Bancorp, Inc. board of directors?
John J. Maggiano has departed from the Magyar Bancorp, Inc. board of directors as of July 25, 2024.
Who were elected as new directors to Magyar Bancorp, Inc.'s board?
Joseph J. Corbo and Robert J. D'Antonio were elected as new directors to Magyar Bancorp, Inc.'s board.
What is the filing date of this 8-K report?
The 8-K report was filed on July 25, 2024.
What other items are included in this 8-K filing besides director changes?
The filing also includes information on compensatory arrangements of certain officers and financial statements and exhibits.
What is the principal executive office address for Magyar Bancorp, Inc.?
The principal executive offices are located at 400 Somerset Street, New Brunswick, New Jersey 08901.
Filing Stats: 770 words · 3 min read · ~3 pages · Grade level 10.1 · Accepted 2024-07-25 16:02:11
Key Financial Figures
- $0.01 — ch Registered Common Stock, par value $0.01 per share MGYR The NASDAQ Stock Mar
- $0.05 — s approved a quarterly cash dividend of $0.05 per common share to shareholders of rec
Filing Documents
- form8k-32632_mgyr.htm (8-K) — 29KB
- ex99-1.htm (EX-99.1) — 64KB
- image_001.jpg (GRAPHIC) — 9KB
- 0001174947-24-000906.txt ( ) — 287KB
- mgyr-20240725.xsd (EX-101.SCH) — 3KB
- mgyr-20240725_lab.xml (EX-101.LAB) — 34KB
- mgyr-20240725_pre.xml (EX-101.PRE) — 22KB
- form8k-32632_mgyr_htm.xml (XML) — 4KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition On July 25, 2024, Magyar Bancorp, Inc. (the "Company") issued a press release regarding its results of operations and financial condition at and for the three months and nine months ended June 30, 2024. The text of the press release is included as Exhibit 99.1 to this report. The information included in the press release text is considered to be "furnished" under the Securities Exchange Act of 1934. The Company will include financial statements and additional analyses at and for the three months and nine months ended June 30, 2024, as part of its Form 10-Q for the period.
02 Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officer;
Item 5.02 Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers On July 25, 2024, the Board of Directors of the Company elected Michael R. Lombardi. to serve as a Director of the Company. Mr. Lombardi was elected to serve as a member of the class of Directors whose terms expire following the fiscal year ending September 30, 2026. He is expected to serve on the Nominating and Corporate Governance Committee of the Company's Board of Directors. There are no arrangements or understandings between Mr. Lombardi and any other person pursuant to which he became a Director. Mr. Lombardi is not a party to any transaction with the Company or its subsidiary, Magyar Bank, that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. Mr. Lombardi will receive the standard compensatory arrangements that the Company currently provides its non-employee directors, as described in the Company's proxy statement for its 2024 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on January 12, 2024, and is eligible to receive awards under the Company's 2022 Equity Incentive Plan.
01. Other Events
Item 8.01. Other Events On July 25, 2024, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.05 per common share to shareholders of record at the close of business on August 8, 2024, payable on August 22, 2024. The text of the press release, dated July 25, 2024, announcing the dividend, and which also includes the Company's quarterly earnings announcement, as stated above, is included as Exhibit 99.1 to this report and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit Description 99.1 Press Release Dated July 25, 2024 104 The cover page for this Current Report on Form 8-K, formatted in Inline XBRL
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: July 25, 2024 By: /s/ John S. Fitzgerald John S. Fitzgerald President and Chief Executive Officer