---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-212148"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2021-07-12T23:59:59+00:00"
generated_at: "2026-06-30T06:00:52.355609+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-21-212148
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2021-07-12T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000119312521212148/0001193125-21-212148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000119312521212148/d566502d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-212148
- JSON: https://secwatch.observer/filing/0001193125-21-212148.json
- Plain text: https://secwatch.observer/filing/0001193125-21-212148.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.