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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

PL Capital Votes To Withhold Support For Magyar Bancorp, Inc. Chairman Joseph J. Lukacs, Jr. And Calls For Him To Resign As Chairman Of The Board

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.


Copyright 2011 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 This material may not be published, broadcast, rewritten or redistributed.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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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