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Magyar Bancorp Snapshot
Magyar doesn't mean "bank" in Hungarian, it means "Hungarian" in Hungarian. Magyar Bancorp is the holding company for Magyar Bank, which serves central New Jersey individuals and businesses through about a half-dozen offices. The bank offers standard deposit products including checking and savings accounts, NOW accounts, and CDs. It uses these funds to originate loans and invest in securities. Magyar Bank focuses on real estate lending, including construction loans, residential and commercial mortgages, and home equity loans, which altogether account for about 90% of its loan portfolio. Mutual holding company Magyar Bancorp, MHC, owns 56% of Magyar Bancorp.
