Magyar Savings Bank

Magyar Savings Bank Locations
400 Somerset Street
New Brunswick, NJ 08901
732-342-7600
www.magbank.com
Magyar Bank was founded in 1922 by a group of Hungarian immigrants and businessmen looking for a bank to help them achieve the American Dream. The name "Magyar" is the Hungarian word to describe an individual from Hungary. Over the years, the bank has moved beyond serving this original group, but Magyar is still about achieving dreams—whether those dreams are homeownership, business growth, educating a child, or community and business development. Magyar remains committed to its shareholders, customers, and communities.



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See Rates for: Checking | Savings | Money Market | CD | IRA

Magyar Savings Bank Checking Account Rates

ApyMinMaxProduct
0.25%$50k-Premium Checking
0.10%$10k-Magyar Interest Checking
0.05%$1k-Non-Profit Checking with Interest
0.05%$1k-Sole Proprietary Checking

Magyar Savings Bank Savings Account Rates

ApyMinMaxProduct
0.25%$3k-Relationship Savings
0.25%$25-Kids Club Savings
0.15%$100-Statement Savings

Magyar Savings Bank Money Market Rates

ApyMinMaxProduct
0.50%$100k-Advantage Money Market
0.25%$10k-Business Premium Money Market

Magyar Savings Bank CD Rates

ApyMinMaxProduct
2.25%$2,500-120 Month CD
2.25%$2,500-Business 120 Month CD
1.60%$2,500-60 Month CD
1.60%$2,500-Business 60 Month CD
1.40%$2,500-59 Month Bump Up CD
1.40%$2,500-Business 59 Month Bump Up CD
1.25%$2,500-48 Month CD
1.25%$2,500-Business 48 month CD
1.00%$2,500-36 Month CD
1.00%$2,500-Business 36 Month CD
0.85%$2,500-24 Month CD
0.85%$2,500-Business 24 Month CD
0.75%$2,500-25 Month Bump Up CD
0.75%$2,500-Business 25 Month Bump Up CD
0.70%$2,500-18 Month CD
0.70%$2,500-Business 18 month CD
0.60%$2,500-13 Month CD
0.60%$2,500-Business 13 Month CD
0.50%$500-12 Month CD
0.50%$500-Business 12 Month CD
0.40%$2,500-7 Month CD
0.40%$2,500-Business 7 Month CD
0.35%$500-182 Day CD
0.35%$500-Business 182 Day CD
0.25%$1k-91 Day CD
0.25%$1k-Business 91 Day CD

Magyar Savings Bank IRA Rates

ApyMinMaxProduct
1.60%$500-60 Month IRA
1.40%$2,500-59 Month Bump Up IRA
1.25%$500-48 Month IRA
1.00%$500-36 Month IRA
0.85%$500-24 Month IRA
0.75%$2,500-25 Month Bump Up IRA
0.70%$500-18 Month IRA
0.60%$500-13 Month IRA
0.50%$100-12 Month IRA
0.40%$500-7 Month IRA
0.35%$500-182 Day IRA

Rates updated: 2/10/2012

Data for Q3 2011


Institution Statistics


Magyar Bank
FDIC Certificate #30704
BankRate ReportView
Year Established1922
Employees90
Primary RegulatorFDIC

Assets and Liabilities

Assets$524.02 million
Loans$381.25 million
Deposits$427.02 million
Equity Capital$43.91 million
Loan Loss Allowance$3.81 million
Unbacked Noncurrent Loans$28.16 million
Real Estate Owned$16.60 million

Historic Data - September 2010

Assets$538.14 million
Equity Capital$43.49 million
Loan Loss Allowance$4.77 million
Unbacked Noncurrent Loans$28.00 million
Real Estate Owned$12.66 million

Profit Margin - Quarterly

Net Interest Margin3.24%
Return on Assets0%
Return on Equity0.04%
Interest Income$16.85 million

Institution Health


Overall Score:
2 out of 5
2
Texas Ratio1
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Magyar Savings Bank had $44.76 million in non-current loans and owned real-estate with $47.72 million in equity and loan loss allowances on hand to cover it. This gives Magyar Savings Bank a Texas Ratio of 93.78% which is poor. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Magyar Savings Bank held steady from 84.25% as of September 30, 2010 to 93.78% as of September 30, 2011, resulting in a negative change of 11.30%. This indicates that the balance sheet and financial strength for Magyar Savings Bank has held steady in recent periods.
Deposit Growth3
In the past year, Magyar Savings Bank has decreased its total deposits by -$3.38 million, resulting in -0.78% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Magyar Savings Bank has shown is average.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Magyar Savings Bank has $524.02 million in assets with $47.72 million in equity, resulting in a capitalization level of 9.11%, which is average.
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