Magyar Bancorp
Magyar Bancorp is a publicly traded community bank holding company (NASDAQ: MGYR) operating Magyar Bank, which provides retail and commercial banking products through seven branches across Central New Jersey.
- Company typePublic
- Founded1922
- HeadquartersNew Brunswick, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Magyar Bancorp does
Magyar Bancorp, Inc. (NASDAQ: MGYR) is the holding company for Magyar Bank, a community bank founded in 1922 and headquartered in New Brunswick, New Jersey. The company serves Central New Jersey through seven branch locations (New Brunswick, Branchburg, Edison x2, Martinsville, North Brunswick, and South Brunswick) and offers a full suite of retail and commercial banking products. Magyar's deposit franchise includes multiple checking tiers (Free, Interest, Premium, Student, Second Chance), statement savings, money market accounts, CDs, and IRAs. The lending portfolio spans residential mortgages (fixed and SOFR-indexed ARMs), home equity loans and HELOCs, automobile loans, unsecured personal loans, commercial real estate loans, construction loans, business term loans, lines of credit, and SBA 7(a) and 504 loans up to $5 million.
The bank operates on a third-party core banking platform provided by Fiserv, which powers online and mobile banking, bill pay, remote deposit capture, Zelle peer-to-peer payments, eStatements, and business cash management (including ACH, wire transfers, and Check Positive Pay). The mobile stack includes dedicated iOS and Android applications for both consumer and business customers, with mobile check deposit limits of $2,500 (personal) and $5,000 (business). Apple Pay and Google Pay are supported via debit card tokenization. Mastercard-branded debit cards are issued.
Magyar's revenue model is a traditional spread-based community bank model. Net interest income from the loan portfolio (CRE, residential mortgages, SBA, consumer) is the primary revenue driver, supplemented by non-interest income from deposit account fees, wire transfers, merchant card processing, and mortgage origination. The company targets consumer and small-to-medium business segments across Central New Jersey, with a community banking model emphasizing local decision-making, relationship-based lending, and a Preferred SBA Lender status that enables expedited small business financing. The bank also operates a 501(c)(3) MagyarBank Charitable Foundation that has distributed over $1 million in grants since 2006, primarily serving as a community relations and brand-building asset rather than a material revenue contributor. Magyar Bancorp went public on NASDAQ in January 2006 and converted from a mutual holding company structure to a stock holding company in July 2021.
Magyar Bancorp firmographics
Firmographics- Name
- Magyar Bancorp
- Legal name
- Magyar Bancorp, Inc.
- Website
- https://magbank.com
- Company type
- Public
- Founded year
- 1922
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Magyar Bancorp is a publicly traded community bank holding company (NASDAQ: MGYR) operating Magyar Bank, which provides retail and commercial banking products through seven branches across Central New Jersey.
- Ownership category
- akta.pro rank
Magyar Bancorp industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (52218), Credit Intermediation and Related Activities (522)
- SIC
- State Commercial Banks (6022), National Commercial Banks (6021), Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
- akta.pro secondary industry
- Balance-Sheet / Portfolio CRE Lending (FSALADAG)
Keywords
Where Magyar Bancorp is headquartered
LocationHeadquarters
- HQ city
- New Brunswick
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Magyar Bancorp business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Net Interest Income: Primary revenue driver from loan portfolio including commercial real estate, residential mortgages, SBA loans, and consumer loans. Interest earned on loans exceeds interest paid on deposits.
- Non-Interest Income: Fee income from deposit account maintenance, wire transfers, merchant card processing, mortgage origination, and other banking services.
- Dividend Income: Parent company Magyar Bancorp pays quarterly cash dividends to shareholders ($0.10 per share in Q1 2026).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Checking Accounts - Various tiers from free to premium interest-bearing |
| Subscription | Monthly | Savings Accounts - Statement Savings with 0.50% APY |
| Subscription | Annual | CDs (Certificates of Deposit) - Terms from 91 days to 120 months |
| Unit Pricing | Monthly | Auto Loans - New and Used vehicles |
| Unit Pricing | Monthly | Mortgages - Fixed and Adjustable Rate |
| Unit Pricing | Monthly | Home Equity Loans and HELOC |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
Magyar Bancorp product offering
Product offeringCore offering
Magyar Bancorp, through its wholly-owned subsidiary Magyar Bank, operates as a community bank providing deposit products (checking, savings, money market, CDs, IRAs), consumer lending (mortgages, home equity, auto, personal loans), and commercial lending (CRE, construction, SBA, business lines of credit) to consumers, small-to-medium businesses, and nonprofit organizations in Central New Jersey. The bank distributes products through 7 branch locations supplemented by online and mobile banking channels.
Product overview
Magyar Bancorp operates as a community bank offering a comprehensive suite of personal and business banking products. The bank provides deposit products including checking, savings, money market, CDs, and IRAs through multiple account types designed for various customer segments including students, individuals with credit challenges, and non-profits. Lending products span mortgages (fixed and adjustable rate), home equity loans and lines, automobile loans, personal loans, commercial real estate loans, construction financing, SBA loans, and business lines of credit. Digital banking capabilities include online banking, mobile banking apps, Zelle peer-to-peer payments, eStatements, and merchant card services. The bank also maintains a charitable foundation focused on community development in education, health, youth programs, and affordable housing. The product portfolio is organized around core deposit and lending services with digital banking as a key delivery channel across all products.
Differentiator
Problem solved
Functional benefit
Brands
- MagyarBank Charitable Foundation: A 501(c)(3) nonprofit foundation established in 2006 that provides grants supporting education, affordable housing, youth programs, and health and human services in Central New Jersey.
Products and services
- Magyar Free Checking
Quantifiable outcome
- Zero non-performing CRE (Commercial Real Estate)
- +3 more outcomes
Companies that use Magyar Bancorp
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
Magyar Bancorp technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Magyar Bancorp partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Federal Home Loan Bank of New York (FHLBNY)coreMagyar Bank distributed $50,000 in FHLBNY Small Business Recovery Grant Program grants to 20 local businesses and nonprofits facing economic challenges from rising energy costs and inflation. The program allows FHLBNY member banks to support small businesses and nonprofits in their communities.
- New Brunswick TomorrowcoreMagyar Bank invested $250,000 in New Jersey's Neighborhood Revitalization Tax Credit Program supporting New Brunswick Tomorrow's affordable housing programs in the Esperanza neighborhood. The partnership helps first-time homebuyers with down payment assistance and homeownership preparation.
- Federal Home Loan Bank of New York (FHLBNY)corePartnership through the Homebuyer Dream Program (HDP) providing grants up to $30,000 for down payment and closing cost assistance to eligible first-time homebuyers purchasing homes in New Jersey.
- Small Business Administration (SBA)coreMagyar Bank is a Preferred SBA Lender enabling expedited approval and application processing for SBA 7(a) loans up to $5 million and 504 CDC loans for small business financing of real estate, machinery, and equipment.
- Central Jersey Housing Resource CenterminorReferral partner for Homebuyer Dream Program requiring HUD-certified homebuyer counseling. Eligible homebuyers must complete counseling at this organization.
- Various Local NonprofitsminorMultiple grant recipients including Abundant Life Church, ARC of Middlesex County, CASA SHaW, Elijah's Promise, Meals on Wheels, State Theatre New Jersey, YMCA, and others receiving charitable foundation grants supporting education, health, youth, and affordable housing programs.
Scale indicators9 records
Recent moves3 records
Magyar Bancorp competitors and assessment
Company assessmentDirect peers
- Unity Bancorp: Clinton, NJ-based community bank with similar commercial and consumer banking focus, serving Central and Northern New Jersey. Comparable in asset size range and product portfolio, competing in overlapping markets.
- ConnectOne Bancorp: NJ-based community bank holding company with comparable footprint across northern/central New Jersey, similar asset size (~$5-6B), and overlapping commercial, consumer, and mortgage banking products — directly competing for SMB and consumer customers in Magyar's markets.
- BCB Bancorp: Bayonne, NJ-based community bank with similar scale, deposit-funded model, and commercial/consumer lending focus. Competes in adjacent NJ markets with comparable customer segments.
- Northfield Bancorp: Staten Island/NJ-headquartered community bank with similar asset size and focus on residential lending, multifamily CRE, and consumer banking. Directly comparable in product mix, geographic proximity to Magyar's Central NJ footprint, and community banking model.
- Kearny Financial Corp: NJ-headquartered community bank (former mutual holding company) with similar historical structure, deposit-driven funding, and concentration in residential and commercial real estate lending. Comparable in operating geography and traditional community banking approach.
Broad incumbents
- Valley National Bancorp: Major NJ commercial bank with significant presence in Central NJ, offering broader commercial, wealth, and treasury services. Competes head-to-head in Magyar's core SMB and consumer segments but at significantly larger scale.
- OceanFirst Financial: Larger NJ-headquartered bank with overlapping Central NJ presence and broader product suite including wealth management. Comparable in core deposit/lending focus but larger scale and broader geographic reach.
- Lakeland Bancorp: NJ-based community bank holding company with comparable deposit/lending products and overlap in northern/central NJ markets. Broader geographic footprint but similar traditional community banking model.
- Provident Financial Services: Large NJ-based community bank with overlapping presence in Central NJ markets and comparable commercial/consumer lending focus. Larger asset base but similar community banking heritage and customer segments.
Others
- Fiserv: Core banking technology provider that powers Magyar's digital banking platform (online banking, bill pay, account enrollment). A critical infrastructure vendor rather than a competitor, but shaping the bank's digital capabilities.
Market position
Strengths4 records
Weaknesses4 records
Key risks5 records
Key highlights6 records
Customer concentration
Magyar Bancorp social profiles
Digital presenceMagyar Bancorp compliance and trust
Trust signalCompliance5 records
Magyar Bancorp financial estimates
Financial estimateRevenue estimate
Valuation estimate
Magyar Bancorp leadership team
Management profileNumber of profiles
Profiles14 records
Magyar Bancorp subsidiaries and ownership
Company hierarchySubsidiaries1 record
Magyar Bancorp funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Magyar Bancorp M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Magyar Bancorp
What does Magyar Bancorp do?
Magyar Bancorp, through its wholly-owned subsidiary Magyar Bank, operates as a community bank providing deposit products (checking, savings, money market, CDs, IRAs), consumer lending (mortgages, home equity, auto, personal loans), and commercial lending (CRE, construction, SBA, business lines of credit) to consumers, small-to-medium businesses, and nonprofit organizations in Central New Jersey. The bank distributes products through 7 branch locations supplemented by online and mobile banking channels.
Is Magyar Bancorp a public or private company?
Magyar Bancorp is a public company. It is classified as public and is currently operating.
When was Magyar Bancorp founded?
Magyar Bancorp was founded in 1922. It employs 51 to 100 people.
Where is Magyar Bancorp based?
Magyar Bancorp is headquartered in New Brunswick, United States, in the North America region.
How does Magyar Bancorp make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are non-Interest Income and dividend Income.
Who are Magyar Bancorp's main competitors?
Direct peers on record are Unity Bancorp, ConnectOne Bancorp, BCB Bancorp, Northfield Bancorp and Kearny Financial Corp. Broad incumbents are Valley National Bancorp, OceanFirst Financial, Lakeland Bancorp and Provident Financial Services. Fiserv is listed as an others.
Does Magyar Bancorp have an API?
No public API is recorded for Magyar Bancorp.
What industry is Magyar Bancorp in?
Magyar Bancorp's product category is Community Banking. Its primary akta.pro industry code is FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment), with a secondary code of FSALADAG, Balance-Sheet / Portfolio CRE Lending. Its NAICS code is 522110 and its SIC code is 6022.