Local Investor Announces Intention to Commence Tender Offer for Sunnyside Bancorp, Inc. Because the Board is Ignoring Shareholders - Seite 2

Mr. Torsoe further explained, "Government bank regulators asked me why I was willing to pay more than customary bank acquisition multiples. I explained that I believe in community banking and that the Sunnyside Federal Savings and Loan franchise has great value to me. I can use it to provide superior banking services to residents and small business in the local community. But enough is enough. I have been wasting time with the Board of Directors since September 2019 and I have decided to go directly to the stockholders with a tender offer to begin soon."

When asked why Sunnyside was refusing to even talk to him, Mr. Torsoe said he had no explanation, but that he could only hypothesize that one or more people on the Sunnyside team either do not have the interests of shareholders at heart or perhaps they do not want to keep the bank as a community institution serving Westchester County. He said that he hopes to expand the service area only incrementally into adjacent Rockland and Orange Counties. Mr. Torsoe lives in Rockland County and has been involved as a major outside investor and director in community banks in Westchester, Rockland and Orange Counties for over 40 years.

Mr. Torsoe went on to explain that he is not abandoning Sunnyside; he is only ceasing active pursuit of an attempt to acquire Sunnyside through negotiations with the Board of Directors, which he does not believe is acting rationally, in good faith, or in the best interests of stockholders. Sunnyside has been unsuccessfully trying to sell the company for years. During that time, management has received large salaries and favorable golden parachute contracts while Sunnyside Federal Savings has experienced year after year after year of losses. Mr. Torsoe's team concluded with a statement that if the Board of Directors of Sunnyside insists on ignoring the shareholders who have suffered through too long a period of regular operating losses and no dividends, Mr. Torsoe has no practical choice but to take the issue directly to shareholders.

Multiple law firms have issued news releases reporting that they are investigating whether the board of directors of Sunnyside has breached its fiduciary duty to stockholders. When asked about this, Mr. Torsoe's attorney responded, "We do not know those law firms and they have not contacted us. We have no interest in talking to them. We are not interested in wasting Sunnyside's assets in litigation by disappointed stockholders against the board. Mr. Torsoe wants to pay top dollar to build up a community bank. We only hope that the Sunnyside board has notified the insurance company that issued its director and officer liability insurance policy of the potential claim. Mr. Torsoe does not want to be the successful bidder for Sunnyside only to own an institution whose assets have been depleted by the bad decisions of its leadership and advisors."