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Magyar Bancorp , Inc. (NASDAQ:MGYR), a federally chartered savings institution with a market capitalization of $94 million, announced the results of its 2025 Annual Meeting of Stockholders, which took place on February 20. The bank’s stock has shown strong momentum, delivering a 31% return over the past year and currently trading near its 52-week high of $14.74. During the meeting, shareholders voted on several key issues, including the election of directors and executive compensation.
The company reported that John S. Fitzgerald, Thomas Lankey, and Joseph A. Yelencsics were re-elected as directors, each set to serve a three-year term. Fitzgerald received 3,678,006 votes in favor, Lankey had 2,958,590, and Yelencsics secured 3,020,782 votes. The number of shares withheld for each nominee and broker non-votes were also disclosed. According to InvestingPro data, the bank maintains a healthy P/E ratio of 11.17 and has demonstrated profitability over the last twelve months.
Additionally, stockholders expressed their preference on the frequency of future votes on executive compensation, with the majority favoring an annual vote. The advisory, non-binding resolution to approve the compensation paid to the company’s named executive officers was passed with 3,587,725 votes for, 181,891 against, and 18,318 abstentions.
Furthermore, the appointment of S.R. Snodgrass, P.C. as the independent registered public accounting firm for the fiscal year ending September 30, 2025, was ratified with an overwhelming majority of 4,900,184 votes for, 81,237 against, and 6,163 abstentions.
The announcement, based on a press release statement, provides shareholders and the public with the outcomes of the Annual Meeting, ensuring transparency and compliance with regulatory requirements. Magyar Bancorp’s commitment to providing detailed information on corporate governance matters reflects its adherence to best practices and accountability to its stakeholders. InvestingPro analysis reveals the company maintains a GOOD overall Financial Health Score, with particularly strong momentum metrics. Subscribers can access 10+ additional exclusive insights about Magyar Bancorp’s financial performance and outlook.
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