Magyar Bancorp News


400 Somerset St., New Brunswick, NJ 08901
732.342.7600


             Magyar Bancorp Announces Resignation of President & CEO

New Brunswick,  NJ--December 23, 2009--Magyar  Bancorp,  Inc., parent company of
Magyar  Bank,  announced  today that  Elizabeth  E. Hance,  President  and Chief
Executive  Officer,  has  resigned  from  this  position,  and from the Board of
Directors  of the Bank and the  Company.  Ms.  Hance is  resigning  for personal
reasons to pursue other interests, and her resignation is effective immediately.

The Board of Directors  has named John S.  Fitzgerald  as Acting  President  and
Chief Executive  Officer.  Mr. Fitzgerald has served as Executive Vice President
and Chief Operating  Officer of the Company and the Bank since October 2007, and
has been with  Magyar  since  2001.  Mr.  Fitzgerald  served as  Executive  Vice
President  and Chief  Lending  Officer  prior to being  appointed to his current
position.

About Magyar Bancorp
Magyar  Bancorp  (NASDAQ:  MGYR) is the parent  company of Magyar  Bank,  a $565
million asset community bank headquartered in New Brunswick,  New Jersey. Magyar
Bank has been serving  families and  businesses in Central New Jersey since 1922
with a complete  line of  financial  products  and  services,  and today  Magyar
operates five branch locations in Branchburg New Brunswick, North Brunswick, and
South Brunswick. Visit Magyar online at www.magbank.com.

Contact: John Reissner, Vice President, Marketing Director, 732.214.2083