Sunnyside Bancorp in New York exchanges buyers

Sunnyside Bancorp in Irvington, New York, terminated its sale agreement to a Florida real estate company and agreed to sell itself to a group led by a New York real estate investor.

Sunny side reached a deal in March with DLP Real Estate Capital of St. Augustine, Florida, which would pay around $ 12. $ 3 million in cash, or $ 15.55 per share.

In a deal announced on Wednesday evening, Rhodium BA Holdings agreed to pay $ 18.75 per share in cash for the Sunnyside asset of $ 98.1 million, implying a total price of $ 14.9 million on the based on 793,500 outstanding shares reported by Sunnyside as of May 12.

Rhodium BA Holdings is led by Mark Silber, who is also a managing partner of Rhodium Capital Advisors, a New York-based real estate company specializing in multi-family and office buildings.

Rhodium BA Holdings had acquired a 9.82% stake in Sunnyside and informed management of the company that it was interested in reaching a deal before the March 16 announcement of the sale to DLP. In April, Rhodium made an unsolicited offer of $ 18.50 per share, adding in a letter to Sunnyside’s board of directors that it was prepared to make the offer directly to shareholders if the company refused to negotiate.

Rhodium expects to close the deal, which was unanimously approved by Sunnyside’s board of directors, in the fourth quarter of this year or in the first quarter of 2022.

“We are delighted to move forward with this strategic acquisition, which represents a significant bonus for Sunnyside shareholders,” Silber said in a press release. “We see a significant opportunity to develop and improve Sunnyside by leveraging our team’s extensive banking experience to strengthen Sunnyside customer, financial and employee relationships. “

Rhodium BA Holdings said it paid a termination fee to DLP. Although Rhodium did not disclose the amount it paid, Sunnyside noted a termination fee of $ 615,000 in a 10-Q report filed May 14 with the Securities and Exchange Commission.

Sunnyside Bancorp is the holding company for 92-year-old Sunnyside Federal Savings & Loan, which operates a single branch in Irvington.

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