MAGYAR BANCORP, INC. (NASDAQ:MGYR) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders
On February 13, 2019, the Company’s stockholders held a non-binding advisory vote regarding the frequency of stockholder approval of the compensation of the Company’s named executive officers. Stockholders voted for the Company to hold an advisory vote on executive compensation every three years. Taking into consideration the results of the stockholder advisory vote, the Company’s Board of Directors has determined that the Company will hold an advisory vote on executive compensation every three years and until the next required vote on the frequency of stockholder votes on executive compensation.
About MAGYAR BANCORP, INC. (NASDAQ:MGYR)
Magyar Bancorp, Inc. is a holding company of Magyar Bank (the Bank). The Bank’s principal business consists of attracting retail deposits from the public in the areas surrounding its main office in New Brunswick, New Jersey and its branch offices located in Middlesex and Somerset Counties, New Jersey. The Bank invests these 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, small business administration (SBA) loans, construction loans and investment securities. The Bank’s primary sources of funds are deposits, borrowings, and principal and interest payments on loans and securities. The Bank’s deposits include certificates of deposit, demand, savings, negotiable order of withdrawal (NOW) and money market accounts.
