South Florida real estate company agreed to buy Sunnyside Bancorp in Irvington, NY
DLP Real Estate Capital said DLP Bancshares, a subsidiary based in St. Augustine, Fla., Would pay approximately $ 12.3 million in cash to the parent company of the Sunnyside Federal Savings and Loan Association of Irvington, an asset of $ 96.6 million. The deal is expected to be finalized in the fourth quarter.
Under the agreement, shareholders of Sunnyside Bancorp will receive $ 15.55 in cash per share, subject to adjustments provided for in the merger agreement. This transaction is subject to regulatory approval and shareholder approval of Westchester Bank. At the close, Fred Reinhardt will take the reins as President and CEO of Sunnyside Federal.
Don Wenner, Founder and CEO of DLP Real Estate Capital, said: “Acquiring a bank is a natural step in expanding and improving the product and service offering 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 aligns perfectly with DLP’s mission to create prosperity. I couldn’t be more excited about this opportunity.
“This transaction provides excellent value to our shareholders, while allowing Sunnyside Federal to continue to provide the same superior level of service to our customers. We are very excited 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.
Sunnyside Federal will continue to operate as a community bank serving the needs of its consumer and business customers with a focus on personalized and efficient customer service. Sunnyside Federal also plans to offer commercial real estate financing to professional operators and warehouse loans to private loan originators nationwide.
Fred Reinhardt commented, “We intend to offer private banking services to high net worth investors and small business owners across the country, but with a focus on the North and South East. The bank is uniquely positioned to leverage DLP’s real estate and investing expertise to deliver a competitive and rewarding customer experience.
Keefe, Bruyette & Woods, a Stifel company, acted as financial advisor to Sunnyside Bancorp, Inc. and rendered a fairness opinion to the board of directors of Sunnyside Bancorp, Inc. in connection with this transaction. The Kafafian group advised DLP. Ballard Spahr LLP acted as legal counsel to DLP Bancshares and Luse Gorman, PC served as legal counsel to Sunnyside Bancorp and Sunnyside Federal.
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