BALLSTON SPA NATIONAL BANK AND THE NATIONAL BANK OF COXSACKIE ANNOUNCE STRATEGIC COMBINATION
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.
Ballston Spa National Bank (OTCPK: BSPA) e The National Bank of Coxsackie (OTCPK: NCXS) hanno annunciato una fusione strategica tra uguali, creando una banca comunitaria da 1,3 miliardi di dollari che serve la regione del Capital District. Nell'operazione scambio azioni del valore di circa 26 milioni di dollari, gli azionisti NBC riceveranno 0,8065 azioni BSPA per ogni azione NBC.
La nuova entità opererà sotto il marchio BSNB, con le sedi NBC etichettate come "Coxsackie Bank, una divisione della Ballston Spa National Bank." Gli azionisti BSNB possederanno il 66% della società combinata, mentre gli azionisti NBC detengono il 34%. BSNB intende emettere 20 milioni di dollari in debito subordinato per finanziare opportunità di crescita. L'operazione di fusione dovrebbe chiudersi nel Q2 2026, soggetta ad approvazioni regolatorie e azionistiche.
Ballston Spa National Bank (OTCPK: BSPA) y The National Bank of Coxsackie (OTCPK: NCXS) han anunciado una fusión estratégica de iguales, creando un banco comunitario de 1,3 mil millones de dólares que atiende a la región del Capital District. En la operación de canje de acciones por acciones valuada en aproximadamente 26 millones de dólares, los accionistas NBC recibirán 0,8065 acciones de BSPA por cada acción NBC.
La entidad combinada operará bajo el emblema BSNB, con las ubicaciones de NBC etiquetadas como "Coxsackie Bank, una división de Ballston Spa National Bank." Los accionistas de BSNB poseerán el 66% de la empresa combinada, mientras que los accionistas de NBC mantendrán el 34%. BSNB planea emitir 20 millones de dólares en deuda subordinada para financiar oportunidades de crecimiento. Se espera que la fusión se cierre en el Q2 de 2026, sujeto a aprobaciones regulatorias y de los accionistas.
볼스턴 스파 내셔널 뱅크 (OTCPK: BSPA)와 콕사키(Coxsackie) 내셔널 뱅크 (OTCPK: NCXS)가 동등한 전략적 합병을 발표했습니다. 이로써 자본 지구(Capital District) 지역에 서비스를 제공하는 13억 달러 규모의 커뮤니티 은행이 탄생합니다. 약 2600만 달러에 달하는 주식대 주식(NBC 주당 0.8065 BSPA 주식) 교환 거래에서 NBC 주주들은 NBC 주식 1주당 BSPA 주식 0.8065주를 받게 됩니다.
합병된 엔티티는 BSNB 상호로 운영되며 NBC 지점은 "Coxsackie Bank, Ballston Spa National Bank의 한 부서"로 브랜드화됩니다. BSNB 주주는 합병된 회사의 66%를 소유하고 NBC 주주는 34%를 보유합니다. BSNB는 성장 기회를 위한 2천만 달러의 부차 대출을 발행할 계획입니다. 합병은 규제 및 주주 승인 여부에 따라 2026년 2분기에 마감될 것으로 예상됩니다.
Ballston Spa National Bank (OTCPK: BSPA) et The National Bank of Coxsackie (OTCPK: NCXS) ont annoncé une fusion stratégique entre égaux, créant une banque communautaire de 1,3 milliard de dollars desservant la région du Capital District. Dans l’opération d’échange d’actions d’une valeur d’environ 26 millions de dollars, les actionnaires NBC recevront 0,8065 action BSPA pour chaque action NBC.
L’entité combinée opérera sous la dénomination BSNB, avec les implantations NBC étiquetées « Coxsackie Bank, une division de Ballston Spa National Bank ». Les actionnaires BSNB détiendront 66% de la société combinée, tandis que les actionnaires NBC détiendront 34%. BSNB envisage d’émettre 20 millions de dollars de dette subordinée pour financer les opportunités de croissance. La fusion devrait être conclue au 2e trimestre 2026, sous réserve des approbations réglementaires et des actionnaires.
Ballston Spa National Bank (OTCPK: BSPA) und The National Bank of Coxsackie (OTCPK: NCXS) haben eine strategische Fusion von Gleichgestellten angekündigt, die eine 1,3 Milliarden US-Dollar schwere Gemeinschaftsbank in der Capital-District-Region schafft. In der aktienbasierten Transaktion im Wert von ca. 26 Millionen US-Dollar erhalten NBC-Aktionäre für jede NBC-Aktie 0,8065 BSPA-Aktien.
Das zusammengeschlossene Unternehmen wird unter der BSNB-Charter operieren, wobei NBC-Standorte als „Coxsackie Bank, eine Abteilung der Ballston Spa National Bank“ brandingt werden. BSNB-Aktionäre werden 66% des kombinierten Unternehmens besitzen, während NBC-Aktionäre 34% besitzen. BSNB plant zur Finanzierung von Wachstumschancen 20 Millionen US-Dollar subordinierte Anleihen auszugeben. Die Fusion wird voraussichtlich im 2. Quartal 2026 abgeschlossen, vorbehaltlich regulatorischer und aandeelsgenehmigungen.
Ballston Spa National Bank (OTCPK: BSPA) و The National Bank of Coxsackie (OTCPK: NCXS) قد أعلنـتا عن اندماج استراتيجي متكافئ، مكوّناً بنكاً مجتمعياً بقيمة 1.3 مليار دولار يخدم منطقة Capital District. في صفقة تبادل أسهم بقيمة تقارب 26 مليون دولار، سيحصل مساهمو NBC على 0.8065 سهم BSPA مقابل كل سهم NBC.
سيعمل الكيان المشترك تحت شعار BSNB، مع فروع NBC مميزة باسم "Coxsackie Bank, a division of Ballston Spa National Bank." سيملك مساهمو BSNB 66% من الشركة المجمّعة، بينما سيملك مساهمو NBC 34%. تخطط BSNB لإصدار 20 مليون دولار من الدين الفرعي لتمويل فرص النمو. من المتوقع أن تُغلق الصفقة في الربع الثاني من 2026، وفقاً لموافقة الجهات التنظيمية وموافقة المساهمين.
Ballston Spa National Bank (OTCPK: BSPA) 与 The National Bank of Coxsackie (OTCPK: NCXS) 宣布了一项等额战略合并，创建一个为 Capital District 区域提供服务的 13亿美元的社区银行。在约 2600万美元的股票换股票交易中，NBC 股东将获得每股 NBC 0.8065 股 BSPA。
合并实体将以 BSNB 的企业章程运营，NBC 的分行将标注为“Coxsackie Bank, a division of Ballston Spa National Bank.” BSNB 的股东将拥有合并后公司 66%，而 NBC 股东将拥有 34%。 BSNB 计划发行 2000万美元 的次级债务以资助增长机会。 预计合并将在 2026 年第 2 季度 完成，须经监管和股东批准。
- Creation of a larger $1.3 billion community bank with increased market presence
- Enhanced lending capacity and expanded branch network across multiple counties
- BSNB plans to raise $20 million in subordinated debt for growth opportunities
- Increased market capitalization and improved stock liquidity for shareholders
- Combined resources expected to drive operational efficiencies and competitive advantages
- Integration risks between two long-standing independent institutions
- Potential customer attrition during transition period
- Additional debt burden from $20 million subordinated debt raising
Merger deepens regional presence, creates a stronger, more competitive bank and offers customers greater convenience and enhanced financial solutions
The combined company's Board of Directors will consist of nine directors from BSNB and four directors from NBC. Richard P. Sleasman, the current Chairman of BSNB's Board of Directors, will serve as Chairperson of the Board of the combined company and the combined bank.
Christopher R. Dowd, the current President and CEO of BSNB, will serve as Chief Executive Officer, and John A. Balli, the current President and CEO of NBC, will become President of the combined bank. James Dodd, current EVP and Chief Financial Officer of BSNB, and Jim Conroy, EVP and Chief Banking Officer of BSNB, will remain in their current positions. Caitlin McCrea, SVP and Chief Financial Officer of NBC, will become SVP of Finance and Treasurer for the combined bank.
"In addition to the elevated presence in our communities, the combined company will have a larger market capitalization, greater lending limit and increased visibility and liquidity, unlocking value for both sets of shareholders," stated Christopher R. Dowd, President and CEO of BSNB. "Consumers and businesses in the Capital Region have a demonstrated need for personalized service, greater flexibility and diversity in products. Together, we can address those needs faster and more effectively."
Benefits of the Merger
The combination of BSNB and NBC creates a stronger, more competitive bank with the scale to grow and agility to respond to community needs. Expanding into new counties gives the combined institution the ability to deepen its regional presence and impact, and positions the bank to better innovate, compete and deliver lasting value to customers and the communities it serves.
By merging BSNB's and NBC's experience and resources, the bank is increasing lending capacity while keeping decisions local. Customers will have access to a wider network of branches and surcharge-free ATMs while also benefiting from more digital tools and financial products and solutions tailored to every stage of their lives. All of which will be delivered by people with a shared commitment to unparalleled customer service.
"Both our banks have similar cultures, values and philosophies," noted John A. Balli, President and CEO of NBC. "Joining forces will expand our combined footprint, create a larger, more competitive institution in the Capital Region and open the door to new opportunities for lending, investment and community partnerships."
Transaction Details
In a stock-for-stock exchange, NBC shareholders will receive 0.8065 shares of BSNB stock for each share of NBC stock in a tax-free exchange. BSNB shareholders will own approximately
The Boards of Directors of both companies have unanimously approved the transaction, and all board members from both sides have agreed to vote their shares in favor of the merger. Completion of the merger is subject to customary closing conditions, including approval of the banking agencies and shareholders of both companies, and closing is expected to occur in the second quarter of 2026. The combined holding company will be known as Ballston Spa Bancorp, Inc. and trade under its existing symbol of BSPA. Ballston Spa Bancorp, Inc. currently trades on OTCPK and intends to apply to be quoted on the OTCQX in anticipation of closing.
Griffin Financial Group, LLC, served as exclusive financial advisor to BSNB and rendered a fairness opinion to its Board of Directors, while Luse Gorman, PC served as legal counsel to BSNB. Janney Montgomery Scott, LLC served as exclusive financial advisor to NBC and rendered a fairness opinion to its Board of Directors, and Pillar + Aught served as legal counsel to NBC.
Investor Presentation
The companies have created an investor presentation with summary financial metrics and assumptions about the transaction which is available on both companies' websites, at www.bsnb.com for BSNB and https://investors.nbcoxsackie.com https://investors.nbcoxsackie.com/for NBC.
Media contact or for more information:
Ballston Spa National Bank
Media:
Pamela J. Montpelier, Senior Vice President,
Growth and Experience Officer
(518) 363-8634
Pamela.Montpelier@bsnb.com
Tara Goodwin, Goodwin Consulting
(617) 650-2644
tara@goodwin-consulting.com
Investor Relations:
James Dodd, Executive Vice President, Chief Financial Officer
(518) 363-8651
James.Dodd@bsnb.com
National Bank of Coxsackie
Media:
Nicole Frisbee, Senior Vice President, Chief Administrative Officer
(518) 731-6161
nfrisbee@nbcoxsackie.com
Investor Relations:
Caitlin McCrea, Senior Vice President, Chief Financial Officer
(518) 731-6161
cmccrea@nbcoxsackie.com
Background
Founded in 1838, Ballston Spa National Bank ("BSNB") is the wholly owned subsidiary of Ballston Spa Bancorp, Inc. As of June 30, 2025, BSNB manages approximately
BSNB provides a complete range of retail, commercial, residential and private-wealth banking solutions designed to meet the needs of a growing community. With a legacy of more than 185 years, the bank remains committed to personal service, local decision-making, and long-term relationships, while delivering the convenience of modern banking with the care and attention of a true community partner.
Established in 1852, The National Bank of Coxsackie ("NBC") is the wholly owned subsidiary of NBC Bancorp, Inc. As of June 30, 2025, NBC holds
NBC provides a comprehensive suite of retail and commercial banking services, combining the advantages of modern banking technology with the personal touch of a community institution. For over 170 years, it has remained deeply rooted in tradition, yet future focused, delivering both reliable service and leading-edge solutions that make banking both convenient and meaningful to the customers it serves.
Forward Looking Statements
This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about BSNB or NBC's beliefs, plans, strategies, predictions, forecasts, objectives, intentions, assumptions or expectations are not historical facts and may be forward-looking. Forward-looking statements are often, but not always, identified by such words as "believe," "expect," "anticipate," "can," "could," "may," "predict," "potential," "intend," "outlook," "estimate," "forecast," "project," "should," "will," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which may change over time. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of BSNB and NBC. Such statements are based upon the current beliefs and expectations of the management of BSNB and NBC and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the reaction to the transaction of the companies' customers, employees and counterparties; customer disintermediation; inflation; expected synergies, cost savings and other financial benefits of the proposed transaction might not be realized within the expected timeframes or might be less than projected; the requisite shareholder and regulatory approvals for the proposed transaction might not be obtained; credit and interest rate risks associated with BSNB's and NBC's respective businesses, customers, borrowings, repayment, investment, and deposit practices; general economic conditions, either nationally or in the market areas in which BSNB and NBC operate or anticipate doing business, are less favorable than expected; new regulatory or legal requirements or obligations; and other risks.
Any forward-looking statement speaks only as of the date on which it is made, and BSNB and NBC undertake no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.
Additional Information and Where to Find It
This communication is being made with respect to the proposed merger transaction involving BSNB and NBC. BSNB intends to file a registration statement on Form S-4 with the SEC, which will include a joint proxy statement of BSNB and NBC and a prospectus of BSNB. A definitive proxy statement/prospectus will also be sent to BSNB and NBC shareholders seeking the required shareholder approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF BSNB AND NBC ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The documents filed by BSNB with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from BSNB upon written request to James Dodd, Chief Financial Officer, Ballston Spa Bancorp, Inc., 990 State Route 67,
Participants in Solicitation
BSNB, NBC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
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SOURCE Ballston Spa National Bank; National Bank of Coxsackie
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