The Bank Slate


Rhodium sweetens offer for Sunnyside Bancorp in N.Y.

Rhodium BA Holdings has increased the price it will pay for Sunnyside Bancorp in Irvington, N.Y.

The $99 million-asset Sunnyside disclosed in a regulatory filing Thursday that Rhodium increased the size of its offer by 8%, to $20.25 a share. Sunnyside also agreed to pay Rhodium a $1.5 million fee if it terminates the sale.

Rhodium also agreed to indemnify Sunnyside and its directors and officers for up to $1 million of out-of-pocket costs and expenses tied to litigation brought by “certain persons, including stockholders.”

Sunnyside originally agreed in March to sell to DLP Real Estate Capital in Saint Augustine, Fla., for $12.3 million. But Rhodium swooped in with a $14.9 million offer that Sunnyside agreed to in July. 

Kenneth Torsoe, an investor in Suffern, N.Y., attempted to disrupt the deal by announcing earlier this month that he was willing to pay $20 a share in cash, stating that it represented a 7% premium to Rhodium’s offer.

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