Sunnyside Bancorp in Irvington, New York, has terminated its deal to be sold to a Florida real estate company and agreed to sell itself to a group led by a New York real estate investor.
Sunnyside
In a deal announced late Wednesday, Rhodium BA Holdings agreed to pay $18.75 per share in cash for the $98.1 million-asset Sunnyside, implying a total price of $14.9 million based on the 793,500 outstanding shares Sunnyside reported as of May 12.
Rhodium BA Holdings is led by Mark Silber, who is also managing partner of Rhodium Capital Advisors, a New York-based real estate firm focused on multifamily and office properties.
Rhodium BA Holdings had acquired a 9.82% stake in Sunnyside and had informed the company’s management it was interested in doing a deal prior to the March 16 announcement of the sale to DLP. In April,
Rhodium expects to close the deal, which has been unanimously approved by Sunnyside’s board, in the fourth quarter of this year or the first quarter of 2022.
"We are delighted to move forward with this strategic acquisition, which represents a significant premium for Sunnyside shareholders," Silber said in a press release. "We see a significant opportunity to grow and enhance Sunnyside by leveraging our team's extensive banking experience to strengthen Sunnyside's customer, financial and employee relationships."
Rhodium BA Holdings said it paid a termination fee to DLP. While 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 the 92-year-old Sunnyside Federal Savings & Loan, which operates a single branch in Irvington.
