December 28, 2009 (FinancialWire) — Magyar Bancorp, Inc. (NASDAQ: MGYR) said that Elizabeth E. Hance, president and chief executive officer, has resigned from this position, and from the board of directors of the company and its Magyar Bank unit. The company’s board of directors has named John S. Fitzgerald as Acting president and chief executive officer.  

The company said that Hance is resigning for personal reasons to pursue other interests. 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.  Fitzgerald served as executive vice president and Chief Lending officer prior to being appointed to his current position.

New Jersey-based Magyar Bancorp is the parent company of Magyar Bank, a community bank that operates five branch locations in Branchburg New Brunswick, North Brunswick, and South Brunswick, New Jersey.  

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