Ballston Spa National Bank and National Bank of Coxsackie to merge

BALLSTON SPA, N.Y. - Ballston Spa Bancorp, Inc. (OTCPK:BSPA) and NBC Bancorp, Inc. (OTCPK:NCXS) announced today a merger of equals that will create a $1.3 billion community bank serving New York’s Capital District region.

Under the agreement, NBC shareholders will receive 0.8065 shares of BSNB stock for each NBC share in a tax-free exchange. Based on BSNB’s current stock price of $68.21 per share, the transaction is valued at approximately $26 million. BSNB shareholders will own about 66% of the combined entity, with NBC shareholders holding the remaining 34%.

The combined bank will operate under the BSNB charter, with NBC locations branded as "Coxsackie Bank, a division of Ballston Spa National Bank." The merged institution will have a network of 21 branches across Albany, Saratoga, Greene, and Schoharie Counties.

Christopher R. Dowd, current President and CEO of BSNB, will serve as Chief Executive Officer of the combined bank, while John A. Balli, current President and CEO of NBC, will become President.

"The combined company will have a larger market capitalization, greater lending limit and increased visibility and liquidity," said Dowd in a statement released by the companies.

BSNB plans to raise approximately $20 million in subordinated debt before closing to fund growth opportunities.

The transaction, unanimously approved by both boards of directors, is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.

The announcement noted that the combined holding company will continue to trade under BSNB’s existing symbol (BSPA) and intends to apply for quotation on the OTCQX market ahead of closing.

Founded in 1838, BSNB currently manages approximately $912 million in assets, while NBC, established in 1852, holds $525 million in assets. With a beta of -0.19, BSNB has historically shown low correlation with broader market movements, potentially offering portfolio diversification benefits. InvestingPro analysis indicates several additional growth metrics and financial health indicators available to subscribers.

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