Magyar Bank

(NASDAQ: MGYR · $18.75 ▼ 1.1%) Magyar Bank is a community bank based in New Brunswick, New Jersey, that has served families and businesses since 1922. The company describes itself as a one stop solution for banking needs, and it is a member of the FDIC. FDIC membership means eligible deposits are insured by the Federal Deposit Insurance Corporation up to federal limits, a basic assurance that retail and small business customers typically look for when choosing where to keep their money.

Its offerings include online banking and mortgages, which the bank promotes under the Simply MAGnificent Mortgages banner. Customers can also order checks, report lost cards and find locations, and the bank maintains an investor relations section for shareholders. The bank also points customers to online security guidance, including warnings about fraudulent bills and payment requests. Scams built on fake invoices and payment demands are a persistent problem in retail banking, which is why fraud guidance of this kind has become a routine part of how banks protect account holders.

Beyond its New Brunswick base, Magyar Bank has an office on Inman Avenue in Edison. Community involvement is a stated part of its approach: each year the company supports over 75 local organizations through employee volunteering and corporate donations, and it shares where it will appear in the community. For a locally focused lender, this kind of local presence is closely tied to how it attracts deposits and builds relationships with nearby households and businesses.