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Magyar Bancorp, Inc. Announces Completion Of Conversion And Related Stock Offering
NEW BRUNSWICK, N.J., July 14, 2021 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ: MGYR) (the "Company"), parent company of Magyar Bank, announced that Magyar
About this update from Magyar Bancorp, Inc.
[{"type":"text","content":"NEW BRUNSWICK, N.J., July 14, 2021 /PRNewswire/ -- 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. \nThe 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.\nThe 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.\"\nPurchasers 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. \nThe 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.\nLuse 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.\nLegal Disclosures\nA 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.\nThe 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.\nForward-Looking Statements\nCertain statements contained herein constitute \"forward-l...