Magyar Bank ESOP Trust Holds 5.0% Stake in Magyar Bancorp

TL;DR

**Magyar Bank ESOP Trust still owns 5.0% of Magyar Bancorp, showing strong internal confidence.**

AI Summary

The Magyar Bank Employee Stock Ownership Plan Trust, based in New Jersey, filed an amendment (SC 13G/A) on January 30, 2024, updating its beneficial ownership in Magyar Bancorp, Inc. As of December 31, 2023, the Trust holds sole voting power over 278,163 shares of Magyar Bancorp's Common Stock, representing 5.0% of the company's outstanding shares. This matters to investors because it shows a significant, stable ownership stake by an internal entity, which can signal confidence in the company's long-term prospects.

Why It Matters

This filing confirms that the company's employee stock ownership plan maintains a substantial stake, indicating alignment of employee interests with shareholder value and potential stability in the stock's ownership structure.

Risk Assessment

Risk Level: low — The filing indicates a stable, long-term ownership by an employee trust, which typically reduces volatility and signals internal confidence.

Analyst Insight

Investors should note the stable, significant ownership by the employee stock ownership plan, which can be a positive indicator of internal confidence and long-term stability, but this filing alone doesn't suggest immediate buying or selling action.

Key Numbers

• 278,163 — Shares Beneficially Owned (Represents the total shares with sole voting power held by the Magyar Bank Employee Stock Ownership Plan Trust as of December 31, 2023.)
• 5.0% — Percentage of Class Owned (Indicates the significant ownership stake the ESOP Trust has in Magyar Bancorp, Inc., as of December 31, 2023.)
• December 31, 2023 — Date of Event (The specific date on which the beneficial ownership was calculated for this filing.)
• $0.01 — Par Value per Share (The stated par value of Magyar Bancorp, Inc. Common Stock.)

Key Players & Entities

• Magyar Bancorp, Inc. (company) — the issuer of the securities
• Magyar Bank Employee Stock Ownership Plan Trust (company) — the reporting person beneficially owning shares
• New Jersey (place) — place of organization for the reporting person
• 278,163 (number) — shares beneficially owned with sole voting power
• 5.0% (number) — percentage of class beneficially owned

Forward-Looking Statements

• The Magyar Bank Employee Stock Ownership Plan Trust will maintain a significant ownership stake in Magyar Bancorp, Inc. above 4.5%. (Magyar Bank Employee Stock Ownership Plan Trust) — high confidence, target: December 31, 2024

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti

Filing Documents

• sch13g-a_2023.htm (SC 13G/A) — 36KB
• 0000943374-24-000028.txt ( ) — 38KB

From the Filing

SC 13G/A 1 sch13g-a_2023.htm MAGYAR BANCORP, INC. SCHEDULE 13G (AMENDMENT 2) DECEMBER 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2) * Magyar Bancorp, Inc. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 55977T 208 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of This Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 5 Pages CUSIP NO. 55977T 208 13G Page 2 of 5 Pages 1 Names of Reporting Persons Magyar Bank Employee Stock Ownership Plan Trust 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b) 3 SEC Use Only 4 Citizenship or Place of Organization New Jersey Number of Shares Beneficially Owned by Each Reporting Person With: 5 Sole Voting Power 278,163 6 Shared Voting Power 186,940 7 Sole Dispositive Power 372,930 8 Shared Dispositive Power 92,173 9 Aggregate Amount Beneficially Owned by Each Reporting Person 465,103 10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11 Percent of Class Represented by Amount in Row 9 7.0% of 6,654,952 shares of Common Stock outstanding as of December 31, 2023. 12 Type of Reporting Person (See Instructions) EP CUSIP NO. 55977T 208 13G Page 3 of 5 Pages Item 1. (a) Name of Issuer Magyar Bancorp, Inc. (b) Address of Issuer's Principal Executive Offices 400 Somerset Street New Brunswick, New Jersey 08901 Item 2. (a) Name of Person Filing Magyar Bank Employee Stock Ownership Plan Trust Trustee: TI-Trust, Inc. (b) Address of Principal Business Office c/o TI-Trust, Inc. 2900 North 23 rd Street Quincy, Illinois 62305 (c) Citizenship or Place of Organization See Page 2, Item 4. (d) Title of Class of Securities Common Stock, par value $0.01 per share (e) CUSIP Number See Page 1. Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F). CUSIP NO. 55977T 208 13G Page 4 of 5 Pages Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: See Page 2, Item 9. (b) Percent of class: See Page 2, Item 11. (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: See Page 2, Number 5. (ii) Shared power to vote or to direct the vote: See Page 2, Number 6. (iii) Sole power to dispose or to direct the disposition of: See Page 2, Number 7. (iv) Shared power to dispose or to direct the disposition of: See Page 2, Number 8. Item 5. Not applicable Item 6. Not applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person Not applicable Item 8. Identification and Classification of Members of the Group The reporting person is an employee benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. Item 9. Notice of Dissolution of Group Not applicable Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. CUSIP NO. 55977T 208 13G Page 5 of 5 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. MAGYAR BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST Date: January 29, 2024 By: TI-Trust, Inc., Trustee /s/ Craig Baker Name: Craig Baker Title: Vice President

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View this SC 13G/A filing on SEC EDGAR