Magyar Bank doesn’t take its role as an active leader in the community lightly. During this almost year-long health crisis, the bank’s branches have been helping Central Jersey customers through tough financial times.
Along with processing hundreds of Paycheck Protection Program (PPP) loans for local businesses, Magyar Bank is offering loan deferrals to provide relief to borrowers during the lingering pandemic.
“Businesses, especially those in the restaurant industry, have had to face so many challenges. To be able to provide them with a few months of relief is one of the easiest ways to help support our community,” said John Reissner, First Vice President, Marketing/Investor Relations. “We are trying to help everyone make it through and get back on their feet.”
Magyar Bank has also distributed $100,000 from the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program. The program allowed the bank to assist a number of non-profit organizations and local businesses.
Reissner emphasized that all Magyar branches have been fully open since June – with masks and other social distancing requirements – because face-to-face interaction is important to customers.
“When you’re dealing with someone’s finances, especially if their situation isn’t the most positive, they feel more comfortable dealing with someone in person,” he said. “Remaining open has allowed Magyar to maintain important community relationships.”
The bank has proudly been a part of the Middlesex County Regional Chamber of Commerce for several years. Reissner, a member of MCRCC’s Executive Board, appreciates the partnership during these trying times.
“The Chamber has offered great virtual networking opportunities during a time when relationships are valued more than ever. These events have allowed us to connect with local businesses when face-to-face is not possible,” he said.
Magyar Bank is headquartered in New Brunswick and has several branches across Middlesex County. To learn more, visit www.magbank.com.