Sunnyside in N.Y. opts for unsolicited takeout offer

Sunnyside Bancorp in Irvington, N.Y., has terminated an agreement to be sold to a Florida real estate firm to instead sell to group tied to a New York real estate investor.

The $98 million-asset Sunnyside agreed in March to a deal with DLP Real Estate Capital in Saint Augustine, Fla., valued at $12.3 million. Shortly after that deal was announced, Rhodium BA Holdings went public with an unsolicited offer that valued Sunnyside at $14.9 million. 

Rhodium BA Holdings, which had acquired a 9.8% stake in Sunnyside, is managed by Mark Silber, who is also managing partner of Rhodium Capital Advisors.

Rhodium BA Holdings said it expects to close the deal by 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 the investment group did not disclose the amount it paid, Sunnyside noted a termination fee of $615,000 in its most-recent quarterly filing with the Securities and Exchange Commission.