This Day On The Street
Continue to site
ADVERTISEMENT
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

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 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

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 This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG
MGYR $8.58 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs