Magyar Bancorp Sets Annual Meeting Date
Ticker: MGYR · Form: DEF 14A · Filed: Jan 8, 2025 · CIK: 1337068
Sentiment: neutral
Topics: proxy-statement, annual-meeting, def-14a
Related Tickers: MGYR
TL;DR
Magyar Bancorp (MGYR) proxy filed, annual meeting set for Feb 20, 2025. Vote your shares!
AI Summary
Magyar Bancorp, Inc. is holding its Annual Meeting of Stockholders on February 20, 2025. The definitive proxy statement, filed on January 8, 2025, outlines the agenda and details for the meeting. The company is a federally chartered savings institution located at 400 Somerset Street, New Brunswick, NJ.
Why It Matters
This filing informs shareholders about the upcoming annual meeting, where key decisions regarding the company's future and governance will be made.
Risk Assessment
Risk Level: low — This is a routine annual proxy filing and does not contain new material risks.
Key Numbers
- 0930 — Fiscal Year End (Indicates the end of the company's financial reporting year.)
Key Players & Entities
- Magyar Bancorp, Inc. (company) — Registrant
- February 20, 2025 (date) — Annual Meeting Date
- January 8, 2025 (date) — Filing Date
- 400 Somerset Street, New Brunswick, NJ (location) — Company Address
FAQ
When is the Annual Meeting of Stockholders for Magyar Bancorp, Inc.?
The Annual Meeting of Stockholders for Magyar Bancorp, Inc. will be held on February 20, 2025.
What type of company is Magyar Bancorp, Inc.?
Magyar Bancorp, Inc. is a federally chartered savings institution.
What is the filing date of this Definitive Proxy Statement?
The Definitive Proxy Statement was filed on January 8, 2025.
Where is Magyar Bancorp, Inc. located?
Magyar Bancorp, Inc. is located at 400 Somerset Street, New Brunswick, New Jersey.
What is the SIC code for Magyar Bancorp, Inc.?
The Standard Industrial Classification (SIC) code for Magyar Bancorp, Inc. is 6035, which corresponds to Savings Institution, Federally Chartered.
Filing Stats: 4,664 words · 19 min read · ~16 pages · Grade level 12.1 · Accepted 2025-01-08 13:21:23
Key Financial Figures
- $951 million — September 30, 2024, Magyar Bancorp had $951 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-71673_mgyr.htm (DEF 14A) — 297KB
- image_002.jpg (GRAPHIC) — 3KB
- image_003.jpg (GRAPHIC) — 1KB
- imgpc_001.jpg (GRAPHIC) — 170KB
- imgpc_002.jpg (GRAPHIC) — 123KB
- 0001174947-25-000021.txt ( ) — 708KB
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 – to serve for a three-year period 8 Continuing Directors 9 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’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 Insider Trading Policies and Procedures 16 Employee, Officer and Director Hedging 16 The Audit Committee Report 16
Executive Compensation
Executive Compensation 18 Director Fees 25 PROPOSAL II – ADVISORY NON-BINDING VOTE ON FREQUENCY OF SAY-ON-PAY VOTES 28 PROPOSAL III - ADVISORY NON-BINDING VOTE ON EXECUTIVE COMPENSATION 28 PROPOSAL IV - RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS 29 Fees Paid to Our Auditors 29 Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services of Independent Registered Public Accountants 29 Required Vote and Recommendation of the Board 30 STOCKHOLDER PROPOSALS AND SHAREHOLDER NOMINATIONS FOR THE 2026 ANNUAL MEETING 30 Advance Notice of Business to be Conducted at an Annual Meeting 31 OTHER MATTERS 31 MAGYAR BANCORP, INC. PROXY STATEMENT FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS To Be Held on February 20, 2025 GENERAL INFORMATION This Proxy Statement and the Annual Report to Stockholders are being furnished to the stockholders of Magyar Bancorp, Inc. (“Magyar Bancorp” or the “Company”) in connection with the solicitation of proxies by the Board of Directors of Magyar Bancorp for use at the 2025 Annual Meeting of Stockholders. The Annual Meeting will be held on Thursday, February 20, 2025 at 2:00 p.m., at State Theatre, 15 Livingston Avenue, New Brunswick, New Jersey, 08901. The term “Annual Meeting,” as used in this Proxy Statement, includes any adjournment or postponement of such meeting. This Proxy Statement is dated January 9, 2025 and is first being made available to stockholders on or about January 9, 2025. The 2025 Annual Meeting of Stockholders Date, Time and Place The Annual Meeting of Stockholders will be held on Thursday, February 20, 2025, at 2:00 p.m. eastern time, at State Theatre, 15 Livingston Avenue, New Brunswick, New Jersey, 08901. Record Date December 31, 2024. Shares Entitled to Vote 6,570,861 shares of Magyar Bancorp common stock were outstanding as of the Record Date and are entitled to vote at the Annual Meeting.