It expanded to Florida the following year and launched building and real estate management divisions through which it began acquiring and flipping multifamily housing and commercial properties. “This can really be a prototype of a nationally chartered community bank,” said Reinhardt, a 20-year veteran of Merrill Lynch who started a de novo bank in Connecticut before joining Miami-based Brickell Bank in 2012 as chairman and CEO.īrickell was sold to Banesco USA in 2019.ĭLP was founded in 2009 as a real estate company that bought and flipped houses. In the future, there may be a physical presence - a branch, interactive teller machine or shared space in a loan production office are all possibilities - in DLP’s headquarters cities and other major markets, including Asheville, N.C., Reinhardt said. Sunnyside has just one branch in Irvington, in Westchester County. “This is about setting up a banking enterprise that is connected to a very successful real estate enterprise, with an opportunity to grow this bank largely on a digital platform,” Reinhardt said. Owning a bank could help DLP quickly move into new business lines, including commercial real estate and commercial and industrial lending, Reinhardt said.Īt the same time, DLP plans to pump capital into the bank, to help it expand geographically, beef up its digital banking capabilities and create two key fee income drivers: wealth management and trust services. About 75% of its loans are in real estate and nearly half are in one- to four-family mortgages. Apart from the deposits, Sunnyside is an attractive target to DLP because it’s primarily a real estate lender, Reinhardt said. Sunnyside Bancorp is the parent of Sunnyside Federal Savings and Loan Association in Irvington, N.Y. Like DLP, LendingClub and SoFi opted to buy banks in large part to lower the cost of funding loans. It now operates under the name LendingClub Bank. online lender to buy a bank when it acquired Radius Bancorp in Boston in January. Meanwhile, LendingClub became the first U.S. Last week the San Francisco fintech Social Financial, better known as SoFi, said it would pay $22.3 million in cash to buy Sacramento, Calif.-based Golden Pacific Bank and its holding company. DLP REAL ESTATE MANAGEMENT PROInternal applications, then our B2B based Bizapedia Pro API™ might be the answer for you.The deal, announced late Tuesday, continues a microtrend of nonbank lenders purchasing banks. If you are looking for something more than a web based search utility and need to automate company and officer searches from within your WHAT'S INCLUDED IN THE ADVANCED SEARCH FORM? Utilize our advanced search form to filter the search results by Company Name, City, State, Postal Code, Filing Jurisdiction, Entity Type, Registered Agent,įile Number, Filing Status, and Business Category. While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. In addition, all pages on Bizapedia will be served to you completely ad freeĪnd you will be granted access to view every profile in its entirety, even if the company chooses to hide the private information on their profile from the general public. Your entire office will be able to use your search subscription.
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