UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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MAGYAR BANCORP, INC.
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[COMPANY LOGO OMITTED]
February 10, 2010
Dear Shareholders:
As was stated in our letter to shareholders included with the 2009 Annual
Report, the recession and its impact on the real estate market in New Jersey
presented Magyar with some significant challenges in 2009, resulting in a net
loss for our 2009 Fiscal Year.
As fellow shareholders, the Board of Directors is committed to building
long-term value for shareholders, and we are encouraged by positive trends in
the Company's operating results, as announced in the Company's earnings press
release of January 25. The Board remains committed to continued earnings
improvement, and we expect the Expense Reduction Program which Management
implemented in the second half of Fiscal Year 2009 to further enhance recent
earnings improvement throughout Fiscal Year 2010.
The Board of Directors takes very seriously its responsibility to its
shareholders, and in recognition of the impact the current economic climate has
had on Magyar, the Board has taken steps that will reduce the amount paid to
Directors in Fiscal Year 2010.
At its annual organizational meeting held January 28, 2010, the Board approved
the suspension of the quarterly retainer paid to Directors by Magyar Bancorp.
This decision, when combined with the previous announcement to reduce the size
of the Board to seven, is expected to reduce the cash compensation paid to
Directors by 24% in Fiscal Year 2010.
As you are aware, the Company's annual meeting of stockholders will be held on
February 23, 2010. The Board of Directors reiterates its recommendation that
shareholders vote "FOR" each of the nominees for director listed in the
Company's Proxy Statement and "FOR" the ratification of the appointment of
ParenteBeard LLC as the Company's independent registered public accounting firm
for the year ending September 30, 2010.
On behalf of the Board of Directors, Management and staff of Magyar Bancorp,
thank you for your investment in Magyar Bancorp.
Sincerely,
/s/ Joseph J. Lukacs, Jr., D.M.D.
Joseph J. Lukacs, Jr., D.M.D.
Chairman of the Board