Magyar Bancorp, Inc. is the mid-tier stock holding company of Magyar Bank (the Bank). The Bank is wholly owned by Magyar Bancorp, Inc. Magyar Bank is a New Jersey-chartered savings bank. Its principal business consists of attracting retail deposits from the public in the areas surrounding its office in New Brunswick, New Jersey and its branch offices located in Middlesex and Somerset Counties, New Jersey, and investing those 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, construction loans and investment securities. It originates consumer loans, which consist of secured demand loans. Its sources of funds are deposits, borrowings and principal and interest payments on loans and securities.