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<SEC-DOCUMENT>0000943374-06-000836.txt : 20060627
<SEC-HEADER>0000943374-06-000836.hdr.sgml : 20060627
<ACCEPTANCE-DATETIME>20060627164830
ACCESSION NUMBER:		0000943374-06-000836
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060626
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060627
DATE AS OF CHANGE:		20060627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Magyar Bancorp, Inc.
		CENTRAL INDEX KEY:			0001337068
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51726
		FILM NUMBER:		06927475

	BUSINESS ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
		BUSINESS PHONE:		732-249-2438

	MAIL ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_062606.txt
<DESCRIPTION>FORM 8-K
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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): June 26, 2006

                              MAGYAR BANCORP, INC.
                             ----------------------
               (Exact Name of Registrant as Specified in Charter)

            Delaware                    0-51726                  20-4154978
- -----------------------------       -------------------        --------------
(State or Other Jurisdiction)      (Commission File No.)       (I.R.S. Employer
      of Incorporation)                                      Identification No.)


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):

[  ] Written communications  pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 7.01         Regulation FD Disclosure
                  -------------------------

     Magyar Bank, the principal  subsidiary of Magyar  Bancorp,  Inc.,  issued a
press  release  disclosing  information  regarding  loans made by Magyar Bank to
Solomon Dwek, and properties controlled by companies owned by him.

     A copy of the press release is attached as Exhibit 99.1 to this report

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.

     99.1: Press Release dated June 26, 2006.







<PAGE>


                                   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.

                                           MAGYAR BANCORP, INC.



DATE: June 27, 2006                 By:    /s/ Jon R. Ansari
                                           ------------------------------------
                                           Jon R. Ansari
                                           Vice President
                                            and Chief Financial Officer



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99_062606.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                            NEWS


400 Somerset St., New Brunswick, NJ 08901
732.342.7600


       Magyar Bancorp Statement on Dwek Properties and Sugar Maple Estates

New  Brunswick,  NJ - June 26, 2006 - Magyar Bank,  the principal  subsidiary of
Magyar  Bancorp,  is releasing  the following  statement to clarify  information
regarding  loans made by the Bank to Solomon Dwek, and properties  controlled by
companies owned by him.

The Bank holds a  Construction  Mortgage  Loan to Sugar  Maple  Estates,  LLC, a
company  principally  owned by  Solomon  Dwek.  The  purpose of this loan is the
acquisition  and  development of approved  residential  building lots located in
Rumson,  New  Jersey.  The  total  mortgage  loan  is  $13,135,000.  This  is  a
participation  loan,  and  the  outstanding  principal  balance  of  the  Bank's
participation  interest in this loan is $4,212,936.  This loan is collateralized
by real estate located in Rumson, New Jersey.

In addition,  the Bank holds a  Construction  Mortgage Loan to Dwek  Properties,
LLC, a company  principally  owned by Solomon Dwek.  The purpose of this loan is
the  acquisition  and  development  of  an  approved  building  lot  located  in
Farmingdale, New Jersey into a commercial retail center. The total mortgage loan
is $1,214,000 and the  outstanding  principal  balance in this loan is $721,016.
This loan is collateralized by real estate located in Farmingdale, New Jersey.

These  loans  were  originated  within  the  Bank's  guidelines,  including  the
requirement that the maximum  loan-to-value  ratio limit is 75% of the appraised
value of the property.

Although the Bank believes that these loans are well  collateralized,  there can
be no  assurance  that  losses  will not  occur or that  significant  additional
expenses  will not be  incurred  in the  process of the  resolution  of the Dwek
situation.

Magyar  Bancorp  (NASDAQ:  MGYR) is the parent  company of Magyar  Bank,  a $403
million asset community bank headquartered in New Brunswick,  New Jersey. Magyar
Bank has been serving  families and businesses in Central New Jersey for over 80
years with a complete line of financial products and services,  and today Magyar
operates branch locations in New Brunswick, North Brunswick and South Brunswick.
Visit Magyar online at www.magbank.com.

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




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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