Magyar Bancorp (NASDAQ:MGYR) is the bank holding company for Magyar Bank, a community-oriented financial institution founded in 1922 to serve Chicago’s Hungarian-American population. Headquartered in Chicago, Illinois, the company provides a broad range of banking services through a network of branch offices across Chicago’s North Side and Lake County, Indiana. With nearly a century of operating history, Magyar Bancorp remains focused on relationship banking and local decision-making.
The company’s main business activities include commercial lending, consumer lending and deposit services. Its commercial portfolio features term loans, lines of credit and equipment financing tailored to small and medium-sized businesses. On the retail side, Magyar Bancorp offers residential mortgages, home equity lines of credit, personal loans and a variety of checking and savings account options. The bank also provides treasury management, online and mobile banking, and cash management solutions to help clients streamline their operations.
In addition to traditional banking services, Magyar Bancorp offers wealth management and trust services through its investment advisory group. These services encompass financial planning, investment management, retirement planning and estate administration, delivered by licensed professionals. The bank’s mortgage division supports homebuyers with conventional and government-sponsored loan programs, while dedicated underwriters and processors handle loan origination in-house, ensuring personalized service throughout the application process.
Magyar Bancorp is governed by a board of directors comprised of seasoned banking executives and community leaders, supported by an executive management team with extensive experience in commercial and consumer finance. The company emphasizes community reinvestment and maintains active participation in local development initiatives. As a member of the Federal Deposit Insurance Corporation (FDIC) and a partner in community organizations, Magyar Bancorp continues to uphold its tradition of personalized service and local commitment.
