Magyar Bancorp, Inc. announces an Equity Buyback for 337,146 shares, representing 5% of its issued share capital.
December 09, 2022 at 02:31 am IST
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Magyar Bancorp, Inc. (NasdaqGM:MGYR) announces a share repurchase program. Under the program, the company will repurchase up to 337,146 shares, representing 5% of its issued share capital. The repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Magyar Bancorp, Inc. is a bank holding company of Magyar Bank (the Bank). It acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business, and government customers. It offers commercial and retail financial services, including the taking of time, savings, and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The Bank invests its deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration (SBA) loans, construction loans and investment securities. It originates consumer loans, which consist primarily of secured demand loans. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities.
MAGYAR BANCORP, INC. 
