Magyar Bank is a bank based in
New Brunswick, New Jersey
New Brunswick is a city in and the seat of government of Middlesex County, in the U.S. state of New Jersey.[Central Jersey
Central Jersey is the central region of the U.S. state of New Jersey. The designation of Central New Jersey is a distinct administrative toponym.
Geographic area and descriptions
While the State of New Jersey is often divided into North an ...]
.
The bank was founded in 1922 as the Magyar Building and Loan Association by a group of
Hungarian immigrants and businessmen in New Brunswick, many of whom had settled in the city's
Fifth Ward. ("
Magyar" is the Hungarian-language word for Hungarian peoples and language). In 1954, its charter was amended and the name changed to Magyar Savings & Loan Association. In 1989 it became Magyar Savings Bank, SLA
and in 2005 Magyar Bank.
In January 2006 Magyar Bancorp, parent company of Magyar Bank, began trading on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
stock market under the symbol MGYR. The MagyarBank Charitable Foundation,
501(c) organization
A 501(c) organization is a nonprofit organization in the federal law of the United States according to Internal Revenue Code (26 U.S.C. ยง 501(c)) and is one of over 29 types of nonprofit organizations exempt from some federal income taxes ...
, was established in June 2006.
See also
*
Thomas Lankey
Thomas Lankey was the Mayor of Edison, New Jersey, the state's 6th largest municipality by population, with about 108,000 residents. He won the November 2013 election and was sworn in on January 1, 2014. He was previously a town councilperson. ...
References
{{New Brunswick, New Jersey
Banks based in New Jersey
Companies based in New Brunswick, New Jersey
Companies listed on the Nasdaq