Magyar Bancorp closes mutual-to-stock conversion on July 14 at max offering of 3.91M shares at $10

Magyar Bancorp, Inc.

All regulatory approvals received; conversion closing at business close on July 14, 2021.
Sale of 3,910,000 shares at $10.00 per share (maximum of offering range); oversubscribed by eligible depositors.
Existing public shares converted at exchange ratio of 1.2213; expected ~7,098,070 shares outstanding post-conversion.
Authorized shares increased from 9M to 14.5M (common 14M, preferred 0.5M) and exclusive Delaware forum provision added.
Employee stock plan unable to purchase in offering; expected to buy up to 8% of shares sold in the open market post-close.

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