Sunnyside Bancorp, Inc. (“SNNY”), is a publicly reporting bank holding company which has been traded under the symbol “SNNY” on the OTC Market. SNNY currently has one operating subsidiary, which is Sunnyside Federal Savings and Loan Association of Irvington (the “Bank”), which has one location, at 56 Main Street, Irvington, New York.
As a federal thrift, the Bank has all of the powers provided through its savings association charter, including pre-emption of certain state laws that obstruct, impair or condition a Bank’s powers in the areas of lending, deposit taking, and other federal thrift operations.
On June 1, 2022, Vecta Partners (“Vecta”, FKA “Rhodium BA Holdings LLC”), an entity controlled by Mark Silber, completed the acquisition of 100% of the outstanding shares of SNNY.
The Bank submitted Vecta’s proposed business plan for the Bank to the Office of the Comptroller of the Currency (“OCC”) and the OCC granted prior approval for the Bank to engage in the proposed business lines outlined in the business plan.
Vecta’s proposed goals are to increase the capital available to the Bank, expand the current business lines and products offered by the Bank.
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