Ballston Spa National Bank and Coxsackie Bank Join Forces in Strategic Merger

Historic Merger Between Ballston Spa National Bank and Coxsackie Bank

In a groundbreaking move aimed at enhancing customer service and market presence, Ballston Spa Bancorp, Inc. and NBC Bancorp, Inc. have announced their strategic merger. This unification is set to form a robust community banking institution with total assets of approximately $1.3 billion, which will be positioned to deliver superior financial products and services across the Capital District and surrounding areas.

The merger sees both banks combining operations under the BSNB banner, while retaining the name for NBC’s branches as “Coxsackie Bank, a division of Ballston Spa National Bank.” This merger not only deepens the geographical footprint of the combined bank but also fortifies the competitive edge against larger institutions, aligning with customer needs for personalized and flexible banking solutions.

Leadership Structure Post-Merger

The governance of the new entity will feature a diverse Board of Directors composed of nine members from BSNB alongside four from NBC. Richard P. Sleasman, the current Chairman of BSNB, will function as the Chairperson of the unified Board, while Christopher R. Dowd, BSNB’s President and CEO, will take the helm as the CEO of the combined entity. John A. Balli, the incumbent President and CEO of NBC, will serve as the President.

Backing these leadership changes, the current management teams from both banks will continue in their roles, ensuring a seamless transition and preserving the customer-centric philosophy both institutions are known for. This merger is heralded as a consolidation of mutual values, cultures, and approaches to banking.

Strategic Advantages of the Merger

The union promises multiple benefits for both banks’ customer bases. With an enlarged capital base, the bank is anticipated to unlock enhanced lending capabilities and diversify its product offerings. BSNB and NBC have touted their commitment to maintaining local decision-making processes, shedding light on a focus to improve their service agility and community responsiveness.

Customers will see advantages in increased access to branches and surcharge-free ATMs, alongside a modern suite of digital tools aimed at enhancing the banking experience. The merger also emphasizes a personalized touch across banking and investment services, keeping community engagement at the forefront of operational goals.

“In the Capital Region, there’s a growing demand for community-focused banking that provides not just competitive products but also custom solutions for businesses and individuals alike,” states Christopher R. Dowd. The CEO further highlighted that by partnering, both institutions can innovate quicker, respond more effectively to changing customer expectations, and leverage their collective resources for enhanced value.

Transaction Details

The merger will occur through a stock-for-stock exchange where NBC shareholders will receive 0.8065 shares of BSNB stock for each share of NBC stock, structured as a tax-free exchange. Following the deal, BSNB stakeholders are expected to own approximately 66% of the new entity while NBC stakeholders will hold the remaining 34%. The entire transaction values approximately $26.0 million based on current market conditions.

Both banks’ boards have unanimously approved the merger, and it awaits customary closing conditions, including regulatory and shareholder approvals, with expectations to finalize in the second quarter of 2026. Post-merger, the new holding company will continue to trade as Ballston Spa Bancorp, Inc. under the established symbol of BSPA.

Future Expectations and Community Impact

As these two historic institutions join forces, they reaffirm their allegiance to community banking principles that have guided them for over a century. The new entity is projected to make a significant impact not only in financial metrics but also in fostering community relations and partnerships, which have always been integral to their operations.

In conclusion, this strategic merger between Ballston Spa National Bank and the National Bank of Coxsackie represents a significant step forward in the regional banking landscape, promising an enriched customer experience, increased community engagement, and a more competitive offering in the financial sector.