DLP Bancshares, an affiliate of DLP Real Estate Capital, a private financial services and real estate investment firm, has acquired Sunnyside Bancorp and its subsidiary, Sunnyside Federal Savings and Loan Association of Irvington.
Upon closing, Fred Reinhardt will take the reins as president and CEO of Sunnyside Federal. Sunnyside Federal will continue to operate as a community bank. Sunnyside Federal also expects to offer commercial real estate financing to professional operators and warehouse loans to private lending originators on a national basis.
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 current CEO of Sunnyside Bancorp and Sunnyside Federal.
Keefe, Bruyette & Woods, a Stifel company, acted as financial advisor to Sunnyside Bancorp and rendered a fairness opinion to the board of directors 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.