Magyar Bancorp, Inc. Announces Annual Meeting of Stockholders on February 22, 2024

TL;DR

<b>Magyar Bancorp, Inc. invites stockholders to its Annual Meeting on February 22, 2024, to elect directors and ratify auditors, with proxy materials available online.</b>

AI Summary

Magyar Bancorp, Inc. (MGYR) filed a Proxy Statement (DEF 14A) with the SEC on January 12, 2024. Magyar Bancorp, Inc. will hold its Annual Meeting of Stockholders on February 22, 2024, at 2:00 p.m. eastern time at the State Theatre, 15 Livingston Avenue, New Brunswick, New Jersey. Proxy materials are being furnished to stockholders over the Internet, with a notice mailed on January 12, 2024, providing instructions for access and voting. Stockholders can access the 2024 Annual Report to Stockholders and Proxy Statement at https://www.astproxyportal.com/ast/24418. The meeting agenda includes the election of two directors and the ratification of S.R. Snodgrass, P.C. as the independent registered public accounting firm for the year ending September 30, 2024. Stockholders are encouraged to vote their shares online, by mail, or in person at the meeting to ensure representation.

Why It Matters

For investors and stakeholders tracking Magyar Bancorp, Inc., this filing contains several important signals. The company is leveraging a 'notice and access' model for proxy materials, which can reduce printing and mailing costs. The Annual Meeting is a key governance event where shareholders directly influence the company's direction through director elections and auditor ratification.

Risk Assessment

Risk Level: low — Magyar Bancorp, Inc. shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational concerns highlighted.

Analyst Insight

Stockholders should review the proxy materials to make informed voting decisions on director nominees and the appointment of the independent auditor.

Key Numbers

• 2024-02-22 — Annual Meeting Date (Annual Meeting of Stockholders)
• 2:00 p.m. eastern time — Annual Meeting Time (Annual Meeting of Stockholders)
• 2024-01-12 — Notice Mailing Date (Date notice of proxy materials was mailed)
• 2024-09-30 — Fiscal Year End (Year ending for which the auditor is being ratified)

Key Players & Entities

• Magyar Bancorp, Inc. (company) — Registrant and filer of the proxy statement
• S.R. Snodgrass, P.C. (company) — Proposed independent registered public accounting firm
• February 22, 2024 (date) — Date of the Annual Meeting of Stockholders
• January 12, 2024 (date) — Date proxy materials notice was mailed
• September 30, 2024 (date) — Fiscal year end for which the auditor is being ratified

Forward-Looking Statements

• The formal business to be transacted at the Annual Meeting will include the election of directors and other standard governance matters. (Magyar Bancorp, Inc.) — high confidence, target: February 22, 2024

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must comply with all SEC rules and regulations regarding proxy solicitations and annual meetings.

Industry Context

Magyar Bancorp, Inc. operates as a savings institution, a sector subject to specific financial regulations and market dynamics.

Regulatory Implications

As a federally chartered savings institution, Magyar Bancorp is subject to oversight from regulatory bodies like the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.

What Investors Should Do

1. Review the list of director nominees and their qualifications.
2. Evaluate the ratification of S.R. Snodgrass, P.C. as the independent auditor.
3. Understand the voting procedures and deadlines for proxy submission.

Key Dates

• 2024-02-22: Annual Meeting of Stockholders — Key date for shareholder voting on directors and auditor ratification.
• 2024-01-12: Mailing of Proxy Materials Notice — Initiated the distribution of proxy information to stockholders.

Year-Over-Year Comparison

This filing is a Definitive Proxy Statement (DEF 14A) for the upcoming annual meeting, indicating a routine corporate governance process.

Key Financial Figures

• $907 million — September 30, 2023, Magyar Bancorp had $907 million in total assets. Our principal executiv
• $0.01 — Magyar Bancorp common stock, par value $0.01 per share, at the close of business on
• $75,000 — ch Director is expected to own at least $75,000 in common stock, based on original purc
• $150,000 — ive Officer is expected to own at least $150,000 in common stock, based on original purc
• $50,000 — e President is expected to own at least $50,000 in common stock, based on original purc

Filing Documents

• def14a-31320_mgyr.htm (DEF 14A) — 288KB
• image_001.jpg (GRAPHIC) — 3KB
• image_003.jpg (GRAPHIC) — 1KB
• img_001.jpg (GRAPHIC) — 224KB
• img_002.jpg (GRAPHIC) — 176KB
• 0001174947-24-000027.txt (&nbsp;) — 847KB

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 5 PROPOSAL I - ELECTION OF DIRECTORS 8 Directors and Executive Officers 8 Director Nominees &ndash; to serve for a three-year period 8 Continuing Directors 8 Executive Officers of the Company and the Bank Who Are Not Directors 9 Corporate Governance 10 Board Independence 10 Attendance at Annual Meetings of Stockholders 10 Board Meetings and Committees 10 Code of Ethics and Business Conduct 12 Board Leadership Structure 12 Board&rsquo;s Role in Risk Oversight 12 Board Nominations 13 Board Diversity 14 Procedures for the Consideration of Board Candidates Submitted by Stockholders 14 Stockholder Communications with the Board 15 Transactions with Certain Related Persons 15 Employee, Officer and Director Hedging 16 The Audit Committee Report 16

Executive Compensation

Executive Compensation 18 Director Fees 24 PROPOSAL II - RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS 27 Fees Paid to Our Auditors 27 Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services of Independent Registered Public Accountants 28 Required Vote and Recommendation of the Board 28 STOCKHOLDER PROPOSALS AND SHAREHOLDER NOMINATIONS FOR THE 2025 ANNUAL MEETING 29 Advance Notice of Business to be Conducted at an Annual Meeting 29 OTHER MATTERS 30 MAGYAR BANCORP, INC. PROXY STATEMENT FOR THE 2024 ANNUAL MEETING OF STOCKHOLDERS To Be Held on February 22, 2024 GENERAL INFORMATION This Proxy Statement and the Annual Report to Stockholders are being furnished to the stockholders of Magyar Bancorp, Inc. (&ldquo;Magyar Bancorp&rdquo; or the &ldquo;Company&rdquo;) in connection with the solicitation of proxies by the Board of Directors of Magyar Bancorp for use at the 2024 Annual Meeting of Stockholders. The Annual Meeting will be held on Thursday, February 22, 2024 at 2:00 p.m., at State Theatre, 15 Livingston Avenue, New Brunswick, New Jersey, 08901. The term &ldquo;Annual Meeting,&rdquo; as used in this Proxy Statement, includes any adjournment or postponement of such meeting. This Proxy Statement is dated January 12, 2024 and is first being made available to stockholders on or about January 12, 2024. The 2024 Annual Meeting of Stockholders Date, Time and Place The Annual Meeting of Stockholders will be held on Thursday, February 22, 2024, at 2:00 p.m. eastern time, at State Theatre, 15 Livingston Avenue, New Brunswick, New Jersey, 08901 . Record Date January 3, 2024. Shares Entitled to Vote 6,782,118 shares of Magyar Bancorp common stock were outstanding as of the Record Date and are entitled to vote at the Annual Meeting. Purpose of the Annual Meeting To consider and vote on (i) the election of two directors, and (ii) the ratification of the appointment of S.R. Snodgrass, P.C

View Full Filing

View this DEF 14A filing on SEC EDGAR