Tranche Update on Magyar Bancorp, Inc.'s Equity Buyback Plan announced on December 8, 2022.
October 30, 2023 at 04:03 pm EDT
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From July 1, 2023 to September 30, 2023, the company has repurchased 25,468 shares, representing 0.38% for $0.3 million. With this, the company has completed the repurchase of 100,830 shares, representing 1.5% for $1.22 million under the buyback announced on December 8, 2022.
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. 
