UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 14A
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MAGYAR BANCORP, INC.
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[COMPANY LOGO OMITTED]
400 Somerset St., New Brunswick, NJ 08901
732.342.7600
Glass Lewis Announces Recommendation to Vote "FOR" Magyar Bancorp Directors
New Brunswick, NJ--February 17, 2010--Magyar Bancorp, Inc., parent company of
Magyar Bank, announced today that Glass Lewis & Co., the leading independent
governance analysis and proxy voting firm, recommended a vote "FOR" the
Directors as recommended by the Company's Board of Directors at their annual
meeting on February 23, 2010. Glass Lewis & Co. serves institutional investors
that collectively manage more than $17 trillion in assets, and conducts research
focused on the long-term financial impact of investment and proxy decisions.
In the report, Glass Lewis states, "We do not believe there are substantial
issues for shareholder concern as to any of the nominees. Accordingly, we
recommend that shareholders vote "FOR" all nominees."
Magyar's Chairman of the Board Joseph J. Lukacs, Jr. stated, "We are pleased to
have the support of such a well-known and recognized leader in Glass Lewis who
takes a long-term outlook when advising their clients. The Board agrees with
this independent, third-party that it is in the best interest for shareholders
to vote for both director nominees."
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.
About Magyar Bancorp
Magyar Bancorp (NASDAQ: MGYR) is the parent company of Magyar Bank, a $558
million asset 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, and today Magyar operates five branch
locations in Branchburg New Brunswick, North Brunswick, and South Brunswick.
Visit Magyar online at www.magbank.com.
Contact: John Reissner, Vice President, Marketing Director, 732.214.2083