This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PL Capital Wins Support On Withhold Campaign Of Magyar Bancorp Directors

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  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.


Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs