Magyar Bancorp, Inc. and Magyar Bank Announces Board Resignations
February 23, 2024 at 01:38 pm EST
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Effective upon the completion of the 2024 Annual Meeting of Stockholders of Magyar Bancorp, Inc., each of Edward C. Stokes and Michael F. Lombardi retired from the Boards of Directors of the Company and Magyar Bank, due to reaching the mandatory director retirement age.
Magyar Bancorp, Inc. is a bank holding company of Magyar Bank (the Bank). It acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business, and government customers. It offers commercial and retail financial services, including the taking of time, savings, and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The Bank invests its deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration (SBA) loans, construction loans and investment securities. It originates consumer loans, which consist primarily of secured demand loans. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities.
MAGYAR BANCORP, INC. 
