Vecta Inc
Sunnyside Bancorp, Inc. was incorporated in the State of Maryland in March
2013 for the purpose of becoming the savings and loan holding company for Sunnyside
Federal Savings and Loan Association of Irvington (“Sunnyside Federal”
or the “Bank”), upon consummation of the Bank’s mutual to
stock conversion. The conversion was consummated in July 2013 at which time
Sunnyside Bancorp became the registered savings and loan holding company of
the Bank. To date, other than holding all of the issued and outstanding stock
of Sunnyside Federal and making a loan to the Bank’s employee stock ownership
plan, we have not engaged in any business.
Sunnyside Bancorp is a registered savings and loan holding company and is subject
to comprehensive regulation and examination by the Board of Governors of the
Federal Reserve System. Sunnyside Bancorp’s executive and administrative
office is located at 56 Main Street, Irvington, New York 10533, and our telephone
number at this address is (914) 591-8000.
Our current business strategy is to operate as a community bank dedicated to
serving the needs of our consumer and business customers and emphasizing personalized
and efficient customer service. Highlights of our current business strategy
include:
growing our assets and liabilities by increasing our presence in the communities
we serve and expanding our service delivery channels;
utilizing our management’s commercial banking experience by diversifying
our lending operations to increase our emphasis on commercial and multi-family
real estate lending, commercial lending including the implementation of a SBA
lending program, and student loan originations;
maintaining our strong asset quality profile through conservative loan underwriting;
increasing our non-interest income through the origination and sale of one-to
four-family residential real estate loans and the guaranteed-portion of SBA
loans;
managing interest rate risk by emphasizing the origination of shorter-term loans
for retention in our portfolio;
continuing to attract and retain customers in our market area and build our
“core” deposits consisting of demand, NOW, savings and money market
accounts; and
expanding our banking franchise as opportunities arise through de novo branching
or a branch acquisition although we do not currently have any understandings
or agreements to establish or acquire any new branch offices.
We intend to grow our commercial and multi-family real estate loan portfolio,
subject to favorable market conditions, including the origination of SBA loans.
To a lesser extent, we also offer commercial loans that are not real estate
secured as well as student loans and home equity loans.