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Ballston Spa National Bank (OTCPK: BSPA) and The National Bank of Coxsackie (OTCPK: NCXS) have announced a strategic merger of equals, creating a $1.3 billion community bank serving the Capital District region. In the stock-for-stock transaction valued at approximately $26 million, NBC shareholders will receive 0.8065 BSPA shares for each NBC share.
The combined entity will operate under the BSNB charter, with NBC locations branded as "Coxsackie Bank, a division of Ballston Spa National Bank." BSNB shareholders will own 66% of the combined company, while NBC shareholders will hold 34%. BSNB plans to raise $20 million in subordinated debt to fund growth opportunities. The merger is expected to close in Q2 2026, subject to regulatory and shareholder approvals.
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