PR Newswire
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 LLCRhodium 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
SOURCE Sunnyside Bancorp Inc.