has agreed to acquire
DLP Bancshares Inc., an affiliate of DLP Real Estate Capital, to Acquire Sunnyside Bancorp, Inc.
IRVINGTON, N.Y. and ST. AUGUSTINE, Fla., March 16, 2021 — Sunnyside Bancorp, Inc. (OTCBB: SNNY) announced today that it had entered into an agreement with DLP Bancshares, an affiliate of DLP Real Estate Capital, a private financial services and real estate investment firm, pursuant to which DLP Bancshares would acquire Sunnyside Bancorp and its subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (“Sunnyside Federal”).
Under the terms of the agreement, shareholders of Sunnyside Bancorp will receive $15.55 in cash per share, subject to adjustment, if any, as provided in the merger agreement. This transaction is subject to regulatory approval and approval by Sunnyside Bancorp’s shareholders. The transaction is expected to close in the fourth quarter of 2021. Upon closing, Fred Reinhardt, a seasoned banking professional, will take the reins as President and CEO of Sunnyside Federal.
Sunnyside Federal will continue to operate as a community bank serving the needs of its consumer and business customers and emphasizing personalized and efficient customer service. Sunnyside Federal also expects to offer commercial real estate financing to professional operators and warehouse loans to private lending originators on a national basis.
Don Wenner, DLP Real Estate Capital Founder and CEO, commented, “Acquiring a bank is a natural segue to broadening and enhancing the offering of products and services to our current and future DLP family of investors, partners, and customers. Sunnyside’s focus on supporting the community with personal and business banking needs is a perfect fit with DLP’s mission to create prosperity. I could not be more excited about this opportunity.”
“This transaction provides excellent value to our shareholders, while still allowing Sunnyside Federal to continue to deliver the same level of superior service to our customers. We are very enthusiastic about this partnership with DLP, which we believe will benefit our employees, customers and communities,” said Timothy D. Sullivan, President and CEO of Sunnyside Bancorp and Sunnyside Federal.
Fred Reinhardt commented: “We intend to offer private banking services to high net-worth investors and small business owners around the country but with an emphasis in the North- and Southeast. The bank is uniquely positioned to leverage DLP’s real estate and investment expertise to provide a competitive and rewarding customer experience.”
The Kafafian Group, Inc. advised DLP. Ballard Spahr LLP acted as legal advisor to DLP Bancshares.