DLP Bancshares Inc., an affiliate of DLP Real Estate Capital, to Acquire Sunnyside Bancorp, Inc.

IRVINGTON, NY and ST. AUGUSTINE, Fla., March 16, 2021 / PRNewswire / – Sunnyside Bancorp, Inc. (OTCBB: SNNY) announced today that it has entered into an agreement with DLP Bancshares, a subsidiary of DLP Real Estate Capital, a private financial services and real estate investment firm, under DLP Bancshares would Sunnyside Bancorp and take over its subsidiary Sunnyside Federal Savings and Loan Association of Irvington (“Sunnyside Federal”).

Under the terms of the agreement, Sunnyside shareholders will receive Bancorp $ 15.55 in cash per share, subject to any adjustments under the Merger Agreement. This transaction is subject to regulatory approval and approval by Sunnyside Bancorp shareholders. The transaction is expected to close in the fourth quarter of 2021. Fred Reinhardt, a seasoned banking professional, will lead Sunnyside Federal as President and CEO.

Sunnyside Federal will continue to act as a community bank serving the needs of its consumer and business customers and providing personalized and efficient customer service. Sunnyside Federal also expects to provide commercial real estate finance and retail lenders with storage loans on a national basis to professional operators.

Don WennerThe founder and CEO of DLP Real Estate Capital stated, “Acquiring a bank is a natural step in expanding and enhancing the range of products and services for our current and future DLP family of investors, partners and customers. Sunnyside’s The focus on helping the community with personal and business banking needs fits in perfectly with DLP’s mission to create wealth. I couldn’t be more excited about this opportunity. ”

“This transaction offers great value to our shareholders and will allow Sunnyside Federal to continue to provide the same world-class 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.

Fred Reinhardt Comment: “We intend to provide private banking services to high net worth investors and small business owners across the country, with a focus on the North and Southeast. The bank is uniquely positioned to leverage DLP’s real estate and investment expertise to provide a competitive and competitive environment rewarding customer experience. ”

Keefe, Bruyette & Woods, a Stifel company, acted as financial advisor to Sunnyside Bancorp, Inc. and issued a fair opinion to the Board of Directors of Sunnyside Bancorp, Inc. in connection with this transaction. The Kafafian Group advised DLP. Ballard Spahr LLP served as legal advisor to DLP Bancshares and Luse Gorman, PC was legal advisor to Sunnyside Bancorp and Sunnyside Federal.

About DLP Real Estate Capital

DLP Real Estate Capital under the direction of founder and CEO Don Wenneris a leader in brokerage, investment management, asset management, property management, construction and personal loans for single and multi-family homes. DLP RE Capital leads and inspires wealth and prosperity building through the implementation 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 corporate family includes DLP Capital Partners, DLP Lending, DLP Real Estate Management, DLP Realty, Alliance Servicing and Alliance Property Transfer.

DLP Real Estate Capital has passed $ 1.25 billion in assets under management over 700 loans in the portfolio and has completed over 16,000 real estate transactions, a total of more than $ 4 billion. DLP was included in Inc. 5000 Fastest Growing Companies in the US for eight consecutive years. earned third place for America’s Fastest Growing Businesses 2020 in the Real Estate and Real Estate category by the Financial Times and named one of the top 15 real estate companies in the United States for the fifth consecutive year, including the # 1 team in PA and NJ for sale.

Via Sunnyside Bancorp, Inc. and Sunnyside Federal Savings and Loan Association

Sunnyside Bancorp, Inc., headquartered in Irvington, New Yorkis the parent company of the Sunnyside Federal Savings and Loan Association, a nationwide chartered stock savings and loan association founded in 1930. Sunnyside Federal provides a wide range of financial services through its office Irvington, New York. Sunnyside Bancorp, Inc. common stock trades on the over-the-counter bulletin board under the symbol “SNNY”.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include statements about the expected completion of the transaction and expected future results. Forward-looking statements can be recognized by the fact that they do not exclusively relate to historical or current facts. They often contain words like “believe”, “expect”, “anticipate”, “estimate” and “intend” or future or conditional verbs like “will”, “would”, “should”, “could” or “may” ” . Certain factors that could cause actual results to differ materially from anticipated results include: the merger may involve unexpected costs, liabilities or delays; the inability to obtain or obtain necessary regulatory or shareholder approvals in a timely manner; the Reaction of customers, employees and counterparties of the companies to the proposed combination; the outcome of legal proceedings related to the merger; the occurrence of an event, change or other circumstance that could lead to the termination of the merger agreement; increased competitive pressures; changes in the interest rate environment; Changes in general economic conditions; legislative and regulatory changes Changes that adversely affect the business in which Sunnyside Bancorp, Inc., Sunnyside Federal and DLP Bancshares operate; Changes in the securities markets; and other risks and uncertainties set out in Sunnyside Bancorp’s filings with the Securities and Exchange Commission, including the most recently filed annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, the most recent reports on Form 8- K and other filings with the SEC available on the SEC’s website at www.sec.gov. No undue reliance should be placed on the forward-looking statements, which speak only as of the date of this agreement. None of Sunnyside Bancorp, Inc., Sunnyside Federal, or DLP Bancshares undertakes, and expressly disclaims any obligation, to publicly release the results of changes that may be made to update any forward-looking statements to reflect events or circumstances after the date on The forward-looking statement is made or the occurrence of unexpected events, unless required by law.

Additional information about the association and where to find it

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities of Sunnyside Bancorp, nor a solicitation of a vote or approval. In connection with the proposed merger, Sunnyside Bancorp, Inc. will provide its shareholders with power of attorney and other relevant documents Submit documents related to the proposed merger. Sunnyside Bancorp, Inc. shareholders are encouraged to read the Power of Attorney and other relevant documents, as well as any amendments or additions to these documents, as they contain important information that should be considered before making a decision on the proposed combination. Sunnyside Bancorp, Inc. shareholders can obtain a copy of the Power of Attorney and all other relevant documents free of charge when they become available, on the Securities and Exchange Commission website (www.sec.gov), or by sending a request to:

Timothy D. Sullivan
President and Chief Executive Officer
Sunnyside Bancorp, Inc.
56 main street
Irvington, New York 10533

Certain information about the participants in the call

Sunnyside Bancorp, Inc. and some of its directors, officers and employees may be considered participants in the solicitation of proxies from Sunnyside Bancorp, Inc. shareholders in connection with the proposed merger. Information on the directors and officers of Sunnyside Bancorp, Inc. is contained in Sunnyside Bancorp, Inc.’s Annual Report on Form 10-K, filed with the Securities Exchange Commission on March 27, 2020, Sunnyside Bancorp, Inc.’s Amendment No. 1 to the Annual Report on Form 10-K / A filed with the Securities Exchange Commission on April 29, 2020 and in the letter of proxy for the 2020 Annual General Meeting of Sunnyside Bancorp, Inc. filed with the Securities and Exchange Commission on May 27, 2020, amended or supplemented by a Form 3 or Form 4 filed with the SEC since the date of this definitive letter of attorney and subsequent documents filed with the SEC. Additional information regarding the interests of these participants and any other person who may be considered to be a participant in the Transaction can be obtained by reading the Power of Attorney for the proposed transaction when it becomes available. Free copies of this document are available as described in the previous paragraph.

Contacts: Jenn LoConte

Timothy D. Sullivan

PR communication manager

President and Chief Executive Officer of Sunnyside Bancorp, Inc.,

[email protected]

[email protected]

484.312.0443

914.591.8000

SOURCE Sunnyside Bancorp Inc.

similar links

https://www.sunnysidefederal.com