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MAGYAR BANCORP, INC.
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400 Somerset St., New Brunswick, NJ 08901
732.342.7600
Magyar Bancorp Board Announces Reduction of Board Fees
New Brunswick, NJ--February 3, 2010--The Magyar Bancorp Board of Directors
announced today that during its annual organizational meeting on January 28,
2010, the Board approved the suspension of the directors' quarterly retainer for
Fiscal Year 2010. The decision to suspend this retainer reflects the Board's
recognition of the current difficult economic climate, which resulted in a net
loss for the Company during Fiscal Year 2009. When combined with the previously
announced reduction in the size of the Board to seven members, the suspension is
expected to reduce the cash compensation paid to directors by 24% in Fiscal Year
2010.
The fast-changing and adverse economic environment that prevailed in Fiscal Year
2009 necessitated greater than normal Board oversight and direction, and a
higher than normal number of Board Meetings. While Director compensation in
Fiscal Year 2009 was higher than the previous year, this was primarily a result
of the increased number of Board meetings in 2009, and not an increase in fees
paid to Directors. The Board expects the number of meetings to return to a more
regular schedule in 2010, which will further reduce cash compensation paid to
directors.
The Board and Management are encouraged by recent positive trends in the
Company's operating results, as announced in the Company's earnings press
release of January 25, 2010. The Board remains committed to continued earnings
improvement and progress in stabilizing and resolving the Company's credit
issues.
The Company's annual meeting of stockholders will be held on February 23, 2010.
The Board of Directors reiterates its recommendation that shareholders vote
"FOR" each of the nominees for director listed in the Company's Proxy Statement
and "FOR" the ratification of the appointment of ParenteBeard LLC as the
Company's independent registered public accounting firm for the year ending
September 30, 2010.
About Magyar Bancorp
Magyar Bancorp (NASDAQ: MGYR) is the parent company of Magyar Bank, a $558
million asset community bank headquartered in New Brunswick, New Jersey. Magyar
Bank has been serving families and businesses in Central New Jersey since 1922
with a complete line of financial products and services, and today Magyar
operates five branch locations in Branchburg New Brunswick, North Brunswick, and
South Brunswick. Visit Magyar online at www.magbank.com.
Contact: John Reissner, Vice President, Marketing Director, 732.214.2083