NEW BRUNSWICK, N.J., Jan. 5, 2012/PRNewswire/ -- Magyar Bank, the principal subsidiary of Magyar Bancorp, Inc., announced today that in calendar year 2011, the Bank disposed of 9 properties with a carrying value of $6.3 millionthat were previously held by the Bank as Other Real Estate Owned. Included in this total are 2 properties with a carrying value of $3.2 millionwhich were sold during the Company's First Quarter of Fiscal Year 2012.
John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp stated, "The sale of these properties is further confirmation that our strategy in addressing non-performing assets is working. In New Jersey, it is not uncommon for the foreclosure process to take 3 years before the Bank can gain control of the property and begin actively selling it. However, our aggressive approach has allowed the Bank to gain control of and dispose of certain properties in a quicker fashion."
Mr. Fitzgerald added, "We expect this positive momentum in resolution of credit issues to continue in 2012. We currently have contracts of sale for additional properties which we expect to close during this calendar year."
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 Jerseysince 1922
with a complete line of financial products and
services. Today, Magyar operates six branch locations
in Edison, New Brunswick,
North Brunswick, South Brunswick,
Branchburgand Bridgewater.
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, 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. 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.
SOURCE Magyar Bancorp
distribué par | Ce noodl a été diffusé par Magyar Bancorp Inc. et initialement mise en ligne sur le site http://www.magbank.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-05 15:13:36 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |