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Vecta Partners LLC has successfully completed its acquisition of Sunnyside Bancorp, Inc. (SNNY) and its subsidiary, Sunnyside Federal Savings and Loan Association, effective June 1, 2022. The new management under Vecta Partners aims to enhance the banking services offered by Sunnyside Federal, which has been a community banking pillar since 1930. The acquisition is expected to leverage strengths and maximize value for Sunnyside Bancorp.
Sunnyside Bancorp, Inc. (SNNY) has received all regulatory approvals necessary for its acquisition by Rhodium BA Holdings LLC, a New York-based private equity group. This acquisition was previously approved by shareholders on November 10, 2021. Upon closing, each share will be exchanged for $20.25 in cash, with the transaction expected to close by May 31, 2022. Sunnyside Bancorp is the parent company of Sunnyside Federal Savings and Loan Association, headquartered in Irvington, New York.
Kenneth J. Torsoe has ceased pursuing his offer to acquire Sunnyside Bancorp (OTC PINK:SNNY) at $22 per share due to the Board's lack of response. He plans to initiate a tender offer at $23 per share, which is 13.6% higher than the current deal with Rhodium BA Holdings. Torsoe criticized the Board for ignoring shareholder interests and suggested a potential breach of fiduciary duty. He intends to contact regulators to halt any actions favoring the Board's inferior offer. Torsoe aims to enhance community banking services and has expressed frustrations over management's failures and ongoing losses.
Suffer, NY - Kenneth J. Torsoe has made a public offer of $20.00 per share to acquire Sunnyside Bancorp, Inc., significantly surpassing the previous bid of $18.75 from Rhodium BA Holdings. Torsoe criticized Sunnyside's management for failing to address ongoing financial losses, with the bank reportedly struggling to maintain capital. His proposal highlights his commitment to the local community and his capability to fund the purchase entirely in cash. Torsoe aims to revitalize Sunnyside, ensuring continued employment for existing staff while striving for better service delivery.
Sunnyside Bancorp (SNNY) has announced an agreement with Rhodium BA Holdings LLC to acquire the company for $18.75 per share in cash. This transaction comes after the termination of a prior merger agreement with DLP Bancshares. The $18.75 offer represents a 25% premium over the stock's closing price of $15.00 on April 19, 2021. The merger is subject to shareholder and regulatory approvals and is expected to close in late 2021 or early 2022. Rhodium aims to leverage its banking expertise to enhance Sunnyside's customer and financial relationships.
Rhodium BA Holdings LLC, owning approximately 9.82% of Sunnyside Bancorp, Inc. (SNNY), has proposed a cash acquisition of the company for $18.50 per share. This offer represents a 23% premium to Sunnyside's recent closing price and is higher than the merger agreement with DLP Bancshares. Rhodium alleges that multiple previous offers were rejected by Sunnyside's Board without explanation. They have prepared for an expedited acquisition process, emphasizing the proposal's advantage for shareholders and the lack of regulatory hurdles.
Sunnyside Bancorp (OTCBB: SNNY) announced an agreement for DLP Bancshares to acquire the company and its subsidiary, Sunnyside Federal Savings and Loan Association, for $15.55 per share. The transaction, subject to shareholder and regulatory approvals, is planned to close in Q4 2021. Fred Reinhardt will become President and CEO of Sunnyside Federal post-acquisition. The partnership aims to enhance services for consumers and businesses, including commercial real estate financing and private banking for high-net-worth individuals, while maintaining Sunnyside's community-focused banking approach.
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