The Bank Slate


Sunnyside in N.Y. gets another unsolicited buyout offer

Sunnyside Bancorp in Irvington, N.Y., has received another offer from a would-be acquirer.

Kenneth Torsoe, an investor in Suffern, N.Y., said in a press release Friday that he wants to form a holding company and buy the parent of Sunnyside Federal Savings and Loan Association for $20 a share in cash.

The $99 million-asset Sunnyside agreed in July to accept an unsolicited offer from Rhodium BA Holdings valued at $14.9 million. That offer exceeded a $12.3 million deal Sunnyside had struck in March with DLP Real Estate Capital in Saint Augustine, Fla.

Torsoe said his offer represents a nearly 7% premium over the value of the Rhodium deal.

“I have made multiple proposals to acquire Sunnyside going back almost two years, including a proposal almost immediately after the Rhodium announcement at a higher price,” Torsoe said in the release. “The bank continues to lose money and management is doing nothing to stem the tide. That must stop.”

The bank lost $800,000 in the first half of 2021 after losing $252,000 last year, according to data compiled by the Federal Deposit Insurance Corp.

Leave a Reply

Your email address will not be published. Required fields are marked *