DLP Bancshares Inc., an affiliate of DLP Real Estate Capital, to Acquire Sunnyside Bancorp, Inc.
Sunnyside Bancorp, Inc. (OTCBB: SNNY) announced that it had entered into an agreement with DLP Bancshares, an affiliate of DLP Real Estate Capital, a private financial services and real estate investment firm, pursuant to which DLP Bancshares would acquire Sunnyside Bancorp and its subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (“Sunnyside Federal”).
Under the terms of the agreement, shareholders of Sunnyside Bancorp will receive $15.55 in cash per share, subject to adjustment as provided in the merger agreement. This transaction is subject to regulatory approval and approval by Sunnyside Bancorp’s shareholders. Upon closing, Fred Reinhardt, a seasoned banking professional, will take the reins as President and CEO of Sunnyside Federal.
Don Wenner, DLP Real Estate Capital Founder and CEO, commented, “Acquiring a bank is a natural segue to broadening and enhancing the offering of products and services 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 is a perfect fit with DLP’s mission to create prosperity. I could not be more excited about this opportunity.”
“This transaction provides excellent value to our shareholders, while still allowing Sunnyside Federal to continue to deliver the same level of superior service to our customers. We are very enthusiastic 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 and emphasizing personalized and efficient customer service. Sunnyside Federal also expects to offer commercial real estate financing to professional operators and warehouse loans to private lending originators on a national basis.
Fred Reinhardt commented: “We intend to offer private banking services to high net-worth investors and small business owners around the country but with an emphasis in the North- and Southeast. The bank is uniquely positioned to leverage DLP’s real estate and investment expertise to provide 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 conjunction with this transaction. The Kafafian Group advised DLP. Ballard Spahr LLP acted as legal advisor to DLP Bancshares and Luse Gorman, PC served as legal counsel to Sunnyside Bancorp and Sunnyside Federal.
About DLP Real Estate Capital
DLP Real Estate Capital, under the leadership of Founder and CEO Don Wenner, is a leader in the single and multi-family real estate sectors of brokerage, investment management, asset management, property management, construction, and private lending. DLP RE Capital leads and inspires the building of wealth and prosperity through the execution of innovative real estate solutions. The company generates consistent returns and results for its investors and partners and gives back through its Positive Returns Foundation. The family of companies includes DLP Capital Partners, DLP Lending, DLP Real Estate Management, DLP Realty, Alliance Servicing, and Alliance Property Transfer.
DLP Real Estate Capital has over $1.25 billion in assets under management, over 700 loans in portfolio, and has closed over 16,000 real estate transactions totaling more than $4 billion. DLP has been ranked in the Inc. 5000 Fastest Growing Companies in the U.S. for eight consecutive years; earned the #3 spot for Americas’ Fastest Growing Companies 2020 in the real estate and property category by Financial Times and has been named by The Wall Street Journal as one of the top 15 real estate firms in the U.S. for the fifth straight year, including the #1 team in PA and NJ for sales.
About Sunnyside Bancorp, Inc. and Sunnyside Federal Savings and Loan Association
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.”
