CHATHAM, N.J., March 11, 2011 /PRNewswire/ -- The PL Capital Group announced today that it has withheld its votes from the election of Joseph J. Lukacs, Jr. at the upcoming annual meeting of Magyar Bancorp, Inc. (Nasdaq: MGYR), currently scheduled for March 16, 2011. Mr. Lukacs, age 69, is currently the Chairman of Magyar and a retired dentist. He has been on the board of Magyar or its predecessor bank since 1976.
PL Capital is also publicly requesting that Mr. Lukacs step down as Chairman of the Board of Magyar and its wholly-owned subsidiary, Magyar Bank. "Mr. Lukacs should take responsibility for the significant losses incurred by Magyar and its shareholders during his tenure by resigning as Chairman. If he refuses to step down voluntarily, the board should evidence its independence by not re-electing him as Chairman," noted PL Capital principal Richard Lashley.
"Mr. Lukacs and the Magyar management team have claimed for several years to be open to all strategic alternatives to restore shareholder value, yet they have failed to do so. It is time for a new Chairman to step in and accomplish what Mr. Lukacs seems incapable or unwilling to do," added PL Capital principal John Palmer.
The PL Capital Group is Magyar's largest outside shareholder. It currently owns 418,468 shares or over 16% of the shares held by the public, excluding shares held by Magyar Bancorp, MHC.SOURCE PL Capital
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV