MGYR
Magyar Bancorp
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MGYR Profile
Magyar Bancorp, Inc.
A New Jersey-chartered savings bank that was originally founded in 1922
400 Somerset Street
, New Brunswick
, New Jersey 08901
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Magyar Bancorp, Inc., is the mid-range holding company for Magyar Bank. Magyar Bank is a New Jersey-chartered savings bank headquartered in New Brunswick, New Jersey, founded in 1922. The main business includes absorbing the deposits of citizens near the offices in New Brunswick, New Jersey and Middlesex and Somerset Counties, New Jersey, investing those deposits and funds from operating wholesale financing in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, Commercial business loans, Small Business Administration loans, construction loans and investment trusts. The Company also originates consumer loans consisting primarily of mortgage demand loans. The loans originated by the company are mainly loan portfolios. Income comes from proceeds from loans and securities. Investments in securities primarily include mortgage-backed securities and U.S. government and government-sponsored corporate debt. The company's revenue also comes from service charges. The main sources of funds are deposits, borrowings, and principal and interest on loans and securities.