Posted March 23, 2021
Irvington, NY and St. Augustine, FL – 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 as provided in the merger agreement. This transaction is subject to regulatory approval and approval by Sunnyside Bancorp’s shareholders. Upon closing, Fred Reinhardt, a seasoned banking professional, will take the reins as President and CEO of Sunnyside Federal.
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.