Magyar Bancorp's 2025 Annual Shareholders Meeting presentation confirmed the closure of its Bridgewater office on November 1, 2024. This strategic move involved the transfer of deposits from the Bridgewater location to the Martinsville office.
The closure is part of the company's ongoing efforts to optimize its branch network and operational efficiency. The Martinsville office, a newer addition, is expected to absorb the customer base and continue serving the central New Jersey market.
The presentation also reiterated key financial figures, with total assets at $1,008 million and total loans at $805 million as of December 31, 2024. Commercial Real Estate (CRE) loans remained the largest component of the loan portfolio, underscoring the bank's lending focus.
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