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Company now Poised to Enter Growth Phase of Business Plan Under New Leadership
NEW YORK, Aug. 30, 2022 /PRNewswire/ — Vecta Inc. (“Vecta” or “the Company”), the holding company for Sunnyside Federal Savings & Loan Association of Irvington (“Sunnyside” or the “Bank”), today announced several new developments that have occurred since the closing of the merger that took place on June 1, 2022.
- On July 18, 2022, Vecta Inc. amended its Articles of Incorporation to change its name from “Sunnyside Bancorp, Inc.” to Vecta Inc.
- On July 18, 2022, Vecta Inc. consummated a 15-for-1 stock dividend and increased its authorized shares of common stock to 100,000,000 and its authorized shares of preferred stock to 2,000,000. As of June 30, 2022, Vecta Inc. had 15,930,976 common shares outstanding and no shares of preferred stock outstanding.
- On June 29, 2022, Vecta Partners LLC, the sole shareholder of Vecta, made an additional capital contribution of $4.5 million to Vecta Inc. in exchange for 222,222 shares of Vecta Inc.’s common stock. This capital contribution brings Vecta Partner’s total investment in Vecta to ~ $25.9 million, including estimated transaction costs.
“Rebranding and recapitalizing the Company represents our critical first steps as we begin to implement and execute our business plan for both Vecta and the Bank,” said Fredrick Schulman, Chief Executive Officer and Chairman of the Board of Sunnyside, who also serves as the President, Chief Executive Officer and Chairman of the Board of Vecta. Mr. Schulman added, “We believe our new leadership team, along with the capital infusion from Vecta Partners, has positioned Vecta as a source of financial strength for the Bank and its future growth. Vecta has already initiated discussions with the appropriate regulators regarding new business lines, and we look forward to providing further updates as we take steps to expand the Bank’s current business lines.”
Vecta Inc. (“Vecta”), formerly known as Sunnyside Bancorp, Inc., is a New York based publicly reporting bank holding company. Vecta currently has one operating subsidiary, Sunnyside Federal Savings and Loan Association of Irvington (the “Bank”), which has one location in Irvington, New York. As of June 30, 2022, the Company had approximately $99.5 million in assets, $57.4 million, which are in securities and cash (vecta.com).
Edward J. Lipkus, CFO
914-591-8000 x 115
elipkus@vecta.com
View original content:https://www.prnewswire.com/news-releases/vecta-completes-recapitalization-and-rebranding-301615098.html
SOURCE Vecta Inc.
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