Benzinga | Jun 30, 2021 04:34PM EDT

Magyar Bancorp Says Shareholders Approve 'Plan of Conversion and Reorganization'

Magyar Bancorp, Inc. (NASDAQ:MGYR) (the "Company"), parent company of Magyar Bank, announced today that, at separate meetings held on June 30, 2021, both the stockholders of the Company and the depositors of Magyar Bank, approved the Plan of Conversion and Reorganization pursuant to which Magyar Bancorp, MHC will convert from the mutual holding company to the stock holding company form of organization.

Sufficient orders were received in the subscription offering such that it is expected that no community offering or syndicated offering will be held. The Company is currently processing the orders received; accordingly, no further information regarding the offering is available at this time.

The closing of the offering and conversion remains subject to customary regulatory approvals and the satisfaction of customary closing conditions. Subject to receipt of those approvals and satisfaction of those conditions, the Company anticipates closing the transaction in mid-July 2021. Final results of the offering and the anticipated closing date will be announced following receipt of all regulatory approvals to complete the transaction.

The shares of the Company's common stock currently trade on the Nasdaq Global Market under the symbol "MGYR" and will continue to trade on the Nasdaq Global Market under the symbol "MGYR" following the closing of the conversion and offering."

If you have any questions regarding the offering or the conversion, please call the Stock Information Center at (877) 643-8198. The Stock Information Center is open from 10:00 a.m. to 4:00 p.m., Eastern Time, Monday through Friday, except bank holidays.