CHATHAM, N.J., Feb. 11 /PRNewswire/ -- PL Capital Group today announced that RiskMetrics Group, the nation's leading independent proxy advisory firm, issued an analysis for the Magyar Bancorp, Inc. (Nasdaq: MGYR) annual meeting. RiskMetrics has recommended that shareholders vote to WITHHOLD on Director Thomas Lankey and Director Joseph A. Yelencsics.
In its analysis RiskMetrics noted, "…as evidenced by the company's sustained poor stock and operational performance, RMG believes that the company is in need of fresh insights on the board and, due to the cumulative effect of the various antitakeover provisions in place at Magyar, there is currently limited ability for shareholders to effect change in that regard." RiskMetrics went on further to mention, "…RMG believes that the magnitude of corresponding shareholder losses experienced by the company signifies oversight failures at Magyar."
PL Capital's principle John Palmer commented, "We have grown increasingly disappointed with Magyar Bancorp's performance and feel a new dynamic in the boardroom is needed. We are thrilled that an independent third party feels the same and has recommended their clients withhold their vote on both nominees."
PL Capital Group beneficially owns 6.4% of Magyar Bancorp, Inc. as of December 31, 2009, and is Magyar's largest outside shareholder.The PL Capital Group is not soliciting proxies and will not issue its own proxy materials or cards, nor will it accept proxies. So, shareholders should vote to WITHHOLD for Director Thomas Lankey and Director Joseph A. Yelencsics on the proxy materials they receive directly from Magyar (and can be obtained on www.cfpproxy.com/5946). Even if shareholders have already voted, they can vote again, since it is only the latest dated proxy card or vote that counts. Shareholders that need assistance in voting their shares or have any questions are invited to call D.F. King & Co., Inc. toll-free at (800) 549-6746. SOURCE PL Capital