Magyar Bancorp Inc.
07/14/2021 | Press release | Distributed by Public on 07/14/2021 15:02
MAGYAR BANCORP, INC. ANNOUNCES COMPLETION OF CONVERSION AND RELATED STOCK OFFERING (Form 8-K)
MAGYAR BANCORP, INC. ANNOUNCES COMPLETION OF CONVERSION AND RELATED STOCK OFFERING
New Brunswick, New Jersey, July 14, 2021 - Magyar Bancorp, Inc. (NASDAQ: MGYR) (the 'Company'), parent company of Magyar Bank, announced that Magyar Bancorp, MHC (the 'MHC'), effective following the close of business today, has completed its conversion from the mutual holding company to the stock holding company form of organization (the 'Conversion'), and the Company has completed its related stock offering. As a result of the closing of the Conversion, the MHC ceased to exist effective upon the closing of the Conversion.
The results of the stock offering were previously reported in the Company's press release dated July 12, 2021. Approximately 7,098,070 shares of Company common stock are outstanding as a result of the Conversion, before taking into account adjustments for fractional shares.
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.'
Purchasers may confirm their allocations online at https://allocations.kbw.com or by contacting the Stock Information Center at (877) 643-8198 between 10:00 a.m. and 4:00 p.m., Eastern time, Monday through Friday, except on bank holidays.
The Company's transfer agent, American Stock Transfer & Trust Company, LLC ('AST'), expects to mail Direct Registration System ('DRS') Book-Entry statements for shares purchased in the subscription offering and refund and interest checks on or about July 14, 2021.
Luse Gorman, PC has acted as legal counsel to the Company, the MHC and Magyar Bank. Keefe, Bruyette & Woods, Inc., a Stifel Company, has acted as marketing agent for the Company in connection with the subscription offerings, and Goodwin Procter LLP has acted as legal counsel to Keefe, Bruyette & Woods, Inc., a Stifel Company.
Legal Disclosures
A registration statement relating to the Company's common stock has been filed with the Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock.
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The shares of the Company's common stock are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Forward-Looking Statements
Certain statements contained herein constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as 'may,' 'will,' 'would,' 'intend,' 'believe,' 'expect,' 'plan,' 'estimate,' 'anticipate,' 'continue,' or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; the effects of any pandemic, including COVID-19; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
About Magyar Bancorp, Inc.
Magyar Bancorp is the parent company of Magyar Bank, a 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. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison (2). Please visit us online at www.magbank.com.
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