UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
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Securities Exchange Act of 1934
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Emerging
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On May 3, 2022, Sunnyside Bancorp, Inc. (the “Company”), the holding company for Sunnyside Federal Savings and Loan Association of Irvington, announced that all regulatory approvals have been received relating to the acquisition of the Company 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.
A copy of the press release announcing the receipt of required approvals is being filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(a) | Financial Statements of Businesses Acquired. Not applicable. |
(b) | Pro Forma Financial Information. Not applicable. |
(c) | Shell Company Transactions. Not applicable. |
(d) | Exhibits. |
Exhibit No. | Description | ||
99.1 | Press Release dated May 3, 2022 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Sunnyside Bancorp, Inc. | ||
Dated: May 3, 2022 | By: | /s/ Timothy D. Sullivan |
Timothy D. Sullivan | ||
President and Chief Executive Officer |
3 |
Exhibit 99.1
Sunnyside Bancorp Announces
Receipt of Regulatory Approvals
IRVINGTON, N.Y. – May 3, 2022 – 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 LLC
Rhodium 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
Cover |
May 03, 2022 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 03, 2022 |
Entity File Number | 000-55005 |
Entity Registrant Name | Sunnyside Bancorp, Inc. |
Entity Central Index Key | 0001571398 |
Entity Tax Identification Number | 46-3001280 |
Entity Incorporation, State or Country Code | MD |
Entity Address, Address Line One | 56 Main Street |
Entity Address, City or Town | Irvington |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10533 |
City Area Code | (914) |
Local Phone Number | 591-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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