Sunnyside Bancorp Announces Receipt of Regulatory Approvals

Rhea-AI Summary

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.

Positive

• Regulatory approvals received for acquisition.
• Shareholders approved acquisition at a special meeting.
• Each share to be exchanged for $20.25 in cash.

Negative

• None.

IRVINGTON, N.Y., May 3, 2022 /PRNewswire/ -- Sunnyside Bancorp, Inc. (OTCBB: SNNY) (the "Company") announced today that all regulatory approvals have been received relating to the acquisition of the Company and its wholly-owned subsidiary, Sunnyside Federal Savings and Loan Association of Irvington, by Rhodium BA Holdings LLC, a New York-based private equity group.  The Company's shareholders previously approved the acquisition at a special meeting of shareholders held on November 10, 2021. 

Under the merger agreement signed between the parties, upon closing, each share of the Company's issued and outstanding common stock will be exchanged for $20.25 in cash.

The parties are diligently working towards closing of the transaction, which is expected to occur no later than May 31, 2022.

About Sunnyside Bancorp, Inc.

Sunnyside Bancorp, Inc., headquartered in Irvington, New York, is the parent of Sunnyside Federal Savings and Loan Association, a federally chartered stock savings and loan association founded in 1930. Sunnyside Federal offers a wide range of financial services through its office located in Irvington, New York. Sunnyside Bancorp, Inc.'s common stock trades on the Over-the-Counter Bulletin Board under the symbol "SNNY."

About Rhodium BA Holdings LLC

Rhodium BA Holdings LLC was formed by Mark Silber to purchase Sunnyside Bancorp, Inc. Mark Silber is a Managing Partner of Rhodium Asset Management and of Rhodium Capital Advisors, a New York-based fully integrated real estate investment firm with a primary focus on the preservation, acquisition, and management of affordable housing across the United States. Neither Rhodium Asset Management nor Rhodium Capital Advisors is participating in the purchase of Sunnyside Bancorp, Inc.  Rhodium BA Holdings LLC, through a special purpose subsidiary, currently owns 9.82% of the Company's outstanding common stock.

For more information, contact:

Timothy D. Sullivan
President and Chief Executive Officer, Sunnyside Bancorp, Inc.
tsullivan@sunnysidefederal.com
(914) 591-8000

View original content:https://www.prnewswire.com/news-releases/sunnyside-bancorp-announces-receipt-of-regulatory-approvals-301539063.html

SOURCE Sunnyside Bancorp Inc.

FAQ

What is the acquisition price for Sunnyside Bancorp (SNNY)?

The acquisition price for Sunnyside Bancorp is $20.25 per share.

When is the expected closing date for the Sunnyside Bancorp acquisition?

The acquisition is expected to close by May 31, 2022.

Who acquired Sunnyside Bancorp (SNNY)?

Sunnyside Bancorp was acquired by Rhodium BA Holdings LLC.

What did shareholders vote on regarding Sunnyside Bancorp (SNNY)?

Shareholders voted to approve the acquisition of Sunnyside Bancorp on November 10, 2021.

Where is Sunnyside Bancorp, Inc. located?

Sunnyside Bancorp, Inc. is headquartered in Irvington, New York.