NEW
BRUNSWICK, N.J., Nov. 22,
2024 /PRNewswire/ -- Magyar Bancorp, Inc.
(NASDAQ: MGYR) announced that its Board of Directors has declared a
special cash dividend of $0.04, payable December 20, 2024 to shareholders of record on
December 6, 2024.
About Magyar Bancorp
Magyar Bancorp is the parent
company of Magyar Bank, a 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. Today, Magyar operates
seven branch locations in New
Brunswick, North Brunswick,
South Brunswick, Branchburg, Martinsville and Edison (2). Please visit us online at
www.magbank.com.
Forward Looking Statements
This press release contains
statements about future events that constitute forward-looking
statements within the meaning of the Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements may be identified by reference to a
future period or periods, or by the use of forward- looking
terminology, such as "may," "will," "believe," "expect," or similar
terms or variations on those terms, or the negative of those terms.
Forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to, those risks
previously disclosed in the Company's filings with the SEC, general
economic conditions, changes in interest rates, regulatory
considerations, competition, technological developments, retention
and recruitment of qualified personnel, and market acceptance of
the Company's pricing, products and services, and with respect to
the loans extended by the Bank and real estate owned, the
following: risks related to the economic environment in the market
areas in which the Bank operates, particularly with respect to the
real estate market in New Jersey;
the risk that the value of the real estate securing these loans may
decline in value; and the risk that significant expense may be
incurred by the Company in connection with the resolution of these
loans. In addition, the COVID-19 pandemic continues to have an
adverse impact on the Company, its customers and the communities it
serves. Given its ongoing and dynamic nature, it is difficult to
predict the full impact of the pandemic on the Company's business.
The extent of such impact will depend on future developments, which
are highly uncertain, including when the coronavirus can be
controlled and abated and the extent to which the economy can open
and remain open. The Company wishes to caution readers not to place
undue reliance on any such forward-looking statements, which speak
only as of the date made. The Company does not undertake and
specifically declines any obligation to publicly release the result
of any revisions that may be made to any forward-looking statements
to reflect events or circumstances after the date of such
statements or to reflect the occurrence of anticipated or
unanticipated events.
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SOURCE Magyar Bancorp
