Form 8-K
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
_____________________________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): August 16, 2006
MAGYAR
BANCORP, INC.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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0-51726
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20-4154978
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(State
or Other Jurisdiction
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(Commission
File No.)
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(I.R.S.
Employer
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of
Incorporation)
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Identification
No.)
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400
Somerset Street, New Brunswick, New Jersey 08901
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (732)
342-7600
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
8.01 Other
Events.
On
August
16, 2006, Magyar Bank, the principal subsidiary of Magyar Bancorp, Inc.,
contributed assets with an aggregate book value of approximately $35.0 million,
consisting of U.S. government securities, agency obligations, other securities
and cash, to MagBank Investment Company (“MagBank”), a wholly owned subsidiary
of Magyar Bank and a New Jersey investment company. Subject to the requirements
of New Jersey law, the effective state income tax rate for a New Jersey
investment company is 3.6%. New Jersey law requires that a New Jersey investment
company meet a number of regulatory standards, including, without limitation,
an
income adjusted test, an assets test and other regulatory requirements.
Item
9.01 Financial
Statements and Exhibits.
(a)
Financial
statements of businesses acquired. Not Applicable.
(b)
Pro
forma
financial information. Not Applicable.
(c)
Shell
company transactions. Not Applicable
(d)
Exhibits.
10.1 Contribution
Agreement dated August 16, 2006 between Magyar Bank and MagBank Investment
Company.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
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MAGYAR
BANCORP, INC.
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Date:
August 18, 2006
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By:
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/s/
Jon R. Ansari
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Jon
R. Ansari
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Senior
Vice President
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and
Chief Financial Officer
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