NEW YORK--The Federal Reserve Bank of New York Monday approved the application by Magyar Bancorp, MHC, and Magyar Bancorp, Inc., both located in New Brunswick, New Jersey, to become bank holding companies through the acquisition of Magyar Bank, New Brunswick, New Jersey, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended. According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.