Ballston Spa Bancorp and NBC Bancorp announce $1.3B merger of equals

Ballston Spa Bancorp (OTCPK:BSPA [https://seekingalpha.com/symbol/BSPA]) and NBC Bancorp (OTCPK:NCXS [https://seekingalpha.com/symbol/NCXS]) announced a strategic merger to form a $1.3B community bank.

The deal is valued at approximately $26M based on BSNB’s current share price of $68.21. BSNB plans to raise $20M in subordinated debt before closing to fund growth.

NBC shareholders will receive 0.8065 BSNB shares per NBC share in a tax-free stock-for-stock transaction. BSNB shareholders will own 66% of the combined company, with NBC shareholders owning 34%.

The combined bank will operate under BSNB’s charter, with NBC branches branded as “Coxsackie Bank, a division of Ballston Spa National Bank.”

BSNB chief excutive officer Christopher R. Dowd will become CEO of the combined bank; NBC CEO John A. Balli will serve as President. The merged entity’s board will include 9 directors from BSNB and 4 from NBC.

The merger is expected to close in Q2 2026, pending shareholder and regulatory approvals. The combined company will retain the Ballston Spa Bancorp, Inc. name and trade under the BSPA ticker.

The merger enhances scale, lending capacity, and regional presence while maintaining local decision-making.

Source: Press release [https://seekingalpha.com/pr/20242753-ballston-spa-national-bank-and-the-national-bank-of-coxsackie-announce-strategic-combination]

MORE ON BALLSTON SPA BANCORP, INC., NBC BANCORP

* Dividend scorecard for Ballston Spa Bancorp, Inc. [https://seekingalpha.com/symbol/BSPA/dividends/scorecard]
* Financial information for Ballston Spa Bancorp, Inc. [https://seekingalpha.com/symbol/BSPA/income-statement]
* Financial information for NBC Bancorp [https://seekingalpha.com/symbol/NCXS/income-statement]