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.
“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.”