**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): October 26, 2007





**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.
                Employerof
                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):





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





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





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





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


1





**Item
      5.02                      Departure
      of Directors or Certain Officers; Election of Directors; Appointment of Certain
      Officers; Compensatory Arrangements of Certain
      Officers.**





On
      October 26, 2007, Magyar Bancorp,
      Inc. (the “Company”) entered into an employment agreement with John S.
      Fitzgerald, the Executive Vice President and Chief Operating Officer of the
      Company and of Magyar Bank, the Company’s wholly owned subsidiary (the “Bank”).
      The employment agreement replaces the change in control agreement previously
      entered into between the Company and Mr. Fitzgerald. The material terms of
      the
      employment agreement are summarized below.





The
      agreement is effective as of
      November 1, 2007 and has an initial term of 36 calendar
      months.  Commencing December 31, 2007, and continuing on December
      31st of each
      year thereafter, the agreement renews for an additional period such that the
      remaining term is thirty-six months, unless written notice of non-renewal is
      provided.





The
      agreement specifies an initial base
      salary of $175,000 per year, which may be increased but not
      decreased.





If
      Mr.
      Fitzgerald voluntarily terminates his employment, or his employment is
      terminated for cause, no benefits are provided under the
      agreement.  In the event (i) of the involuntary termination of the
      executive’s employment for any reason other than disability, retirement or
      termination for cause, or (ii) the executive’s resignation upon the occurrence
      of certain events constituting “constructive termination,” including failure to
      appoint him to his current position, a material reduction in his duties,
      functions or responsibilities, or a breach by the Company of the agreement,
      Mr.
      Fitzgerald would be entitled to a severance benefit equal to two times his
      then
      current base salary.




If
      Mr.
      Fitzgerald’s employment is involuntarily terminated at any time following a
      Change in Control (as defined in the agreement), he is entitled to a severance
      benefit equal to two times the sum of his then current base salary, plus any
      earned and accrued but unpaid bonus for the year of termination.




If
      Mr.
      Fitzgerald’s employment is terminated for any of the reasons specified in the
      preceding two paragraphs, the Company will cause to be continued for 24 months,
      at its sole expense, life insurance coverage and non-taxable medical and dental
      insurance coverage substantially identical to the coverage maintained by the
      Company and/or the Bank for Mr. Fitzgerald prior to his
      termination.




The
      agreement provides that in no event shall the aggregate payments or benefits
      to
      be made or afforded to the executive under the agreement constitute an “excess
      parachute payment,” and in order to avoid such a result, such payments or
      benefits will be reduced, if necessary, to an amount which is one dollar ($1.00)
      less than an amount equal to three (3) times the executive’s “base amount,” as
      determined in accordance with said Section 280G of the Internal Revenue
      Code.




2


Under
      the
      agreement, upon Mr. Fitzgerald’s retirement, he will be entitled to all benefits
      under any retirement plan of the Company or Bank and other plans to which he
      is
      a party. If Mr. Fitzgerald becomes disabled, the agreement provides that he
      will
      receive the greater of (i) his net after-tax base salary for the longer of
      the
      remaining term of the agreement or one year; or (ii) disability insurance
      benefits provided by the Company, plus any applicable workman’s or social
      security disability benefits to which he is entitled.




The
      agreement provides that Mr.
      Fitzgerald shall not compete with the Bank or the Company for a period of one
      year following the termination of his employment with the Company or the
      Bank.








**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:








10.15
            Employment
                Agreement by and between Magyar Bancorp, Inc. and John S. Fitzgerald,
                dated as of November 1, 2007

















3


**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:
                October 29, 2007
            By:
            /s/
                Elizabeth E. HanceElizabeth
                E. HancePresident
                and Chief Executive Officer








4


**EXHIBIT
      INDEX**





Exhibit
                No.
            Description10.15
            Employment
                Agreement by and between Magyar Bancorp, Inc. and John S. Fitzgerald,
                dated as of November 1, 2007








5