New Brunswick, NJ – February 3, 2014 – New Brunswick, NJ-based Magyar Bank announced that the bank has earned the FDIC’s coveted top rating – “Outstanding” – for its compliance with the Community Reinvestment Act (CRA) for the third consecutive time. The CRA is a 1977 federal law intended to encourage insured banks to meet local credit needs, consistent with safe and sound operations. Over the years, this FDIC rating has also commonly been considered a benchmark for a bank’s level of care and concern for the communities it serves.
Commenting on the FDIC recognition, Magyar Bank President and Chief Executive Officer John Fitzgerald noted, “It’s difficult and fairly rare for a bank to earn the FDIC’s ‘Outstanding’ rating even once, but to receive this kind of recognition on three consecutive occasions is a testament to Magyar Bank’s tradition of building relationships and the institution’s genuine commitment to community service.”
Mr. Fitzgerald continued, “Our bank was formed in 1922 to serve hard-working immigrants who had come to America in search of a better life. Magyar Bank became a resource to help them buy homes for their families and start businesses. But the bank’s founders quickly learned that many of its less fortunate neighbors required assistance on a different level. They needed basics like food, clothing and often a warm, dry place to sleep. So began Magyar’s tradition of community service that still prevails today and is carried out by the bank’s dedicated employees. That legacy is woven into the fabric of our bank and is the reason why we are so proud to have earned this welcome honor.”
Magyar Bank recently conducted a food drive for MCFOODS, The Middlesex County Food Organization and Outreach Distribution Services created by the Board of Chosen Freeholders in 1994 to help ensure that an adequate supply of nutritious foods and necessities are readily available to Middlesex County residents in need at all times. Pictured, left to right, are Magyar Bank President & CEO John S. Fitzgerald, a representative from MCFOODS, and Ken Bland, Magyar Bank Community Relations specialist.
Magyar Bank’s “Outstanding” Video
To commemorate its achievement, Magyar Bank has created a short video, entitled “Simply Magnificent”, that shows a few examples of its community service activities, narrated by bank President and CEO, John Fitzgerald. The video can be accessed and viewed on Magyar’s YouTube channel by logging on to YouTube.com and searching on “Magyar Bank.” The video is also featured on the bank’s Facebook page – simply search “Magyar Bank” on Facebook.com.
About Magyar Bank
Magyar Bank, a community bank headquartered in New Brunswick, New Jersey, is a subsidiary of Magyar Bancorp (NASDAQ: MGYR), with assets of $538 million. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Today, Magyar operates branch locations in Edison, New Brunswick, North Brunswick, South Brunswick, Bridgewater and Branchburg. Visit Magyar online at www.magbank.com.
Media Contact: John Reissner 732.342.7600
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