Magyar Bancorp

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.

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

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

• Community banking services
• Personal and business banking
• Residential mortgage lending
• Commercial real estate loans
• SBA small business lending

Headquarters

HQ city

New Brunswick

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. Non-Interest Income: Fee income from deposit account maintenance, wire transfers, merchant card processing, mortgage origination, and other banking services.
3. Dividend Income: Parent company Magyar Bancorp pays quarterly cash dividends to shareholders ($0.10 per share in Q1 2026).

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Federal Home Loan Bank of New York (FHLBNY)coreStrategic or Co-development Partner · 2 June 2026Magyar 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 TomorrowcoreStrategic or Co-development Partner · 2 April 2025Magyar 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)coreStrategic or Co-development PartnerPartnership 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)coreStrategic or Co-development PartnerMagyar 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 CenterminorStrategic or Co-development PartnerReferral partner for Homebuyer Dream Program requiring HUD-certified homebuyer counseling. Eligible homebuyers must complete counseling at this organization.
• Various Local NonprofitsminorGTM or Marketing PartnerMultiple 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

Direct 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

• Xx.com/MagyarBank
• YouTubeyoutube.com/@magyarbank8756
• Facebookfacebook.com/12288
• LinkedInlinkedin.com/company/432029

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magyar Bancorp