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): February 3, 2010

                              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))






Item 8.01  Other Events
           ------------

     On February 3, 2010,  Magyar Bancorp,  Inc. (the "Company")  issued a press
release  announcing  that the Company  would  suspend  the payment of  quarterly
retainers to members of its Board of Directors  for 2010.  The text 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.

          The following Exhibit is attached as part of this report:

          99.1     Press release, dated February 3, 2010, announcing the
                   suspension of payment of quarterly retainers to directors
                   for 2010.





                                   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: February 3, 2010       By:    /s/ John S. Fitzgerald
                                    --------------------------------------------
                                    John S. Fitzgerald
                                    Acting President and Chief Executive Officer







                                  EXHIBIT INDEX

         Exhibit No.                 Description
         -----------                 -----------
          99.1                       Press release, dated February 3, 2010,
                                     announcing the suspension of payment of
                                     quarterly retainers to directors for 2010.