Curated News
By: NewsRamp Editorial Staff
September 24, 2025

Ballston Spa National Bank and National Bank of Coxsackie Merge

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Original Source

TLDR

  • Ballston Spa National Bank and The National Bank of Coxsackie merge to create a $1.3 billion institution with greater lending capacity and market presence for competitive advantage.
  • The merger combines BSNB's $912 million assets with NBC's $525 million through a stock exchange where NBC shareholders receive 0.8065 BSNB shares per NBC share.
  • This merger creates a stronger community bank that expands access to personalized service and financial products while keeping local decision-making for better customer support.
  • Two historic banks founded in 1838 and 1852 unite to form a $1.3 billion institution serving the Capital Region with combined centuries of experience.

Impact - Why it Matters

This merger represents a significant consolidation in the community banking sector that directly impacts customers, businesses, and local economies throughout New York's Capital Region. For account holders, the combination means access to a broader network of branches and ATMs, enhanced digital banking tools, and potentially more competitive loan products while maintaining the personalized service that community banks are known for. The increased lending capacity—from $1.3 billion in combined assets—will benefit local businesses seeking capital for expansion and homeowners looking for mortgages. Community banking mergers often lead to improved efficiency and service capabilities while preserving local decision-making, which is crucial for regional economic development. In an era of increasing bank consolidation, this merger demonstrates how community institutions can scale up to compete with larger regional banks without losing their local focus, potentially setting a template for other community banks facing similar competitive pressures.

Summary

Ballston Spa Bancorp, the holding company for Ballston Spa National Bank (BSNB), and NBC Bancorp, the holding company for The National Bank of Coxsackie (NBC), have announced a strategic merger of equals that will create a formidable $1.3 billion community banking institution serving the greater Capital District and surrounding markets. The combined entity will operate under the BSNB charter, with NBC locations rebranded as "Coxsackie Bank, a division of Ballston Spa National Bank." Key leadership positions have been carefully allocated to ensure a balanced transition: Richard P. Sleasman, current Chairman of BSNB's Board, will serve as Chairperson of the combined board; Christopher R. Dowd, President and CEO of BSNB, will become CEO; and John A. Balli, President and CEO of NBC, will assume the role of President. This merger, structured as a stock-for-stock exchange where NBC shareholders receive 0.8065 shares of BSNB stock for each NBC share, results in BSNB shareholders owning approximately 66% of the new company and NBC shareholders 34%, reflecting their respective contributions to the tangible book value.

The merger promises significant benefits for customers, shareholders, and the communities served. Christopher R. Dowd emphasized that the combined company will have a larger market capitalization, greater lending capacity, and increased visibility, ultimately unlocking value for shareholders. For consumers and businesses, this translates to personalized service, greater flexibility, and a wider diversity of products delivered through an expanded network of branches and surcharge-free ATMs. Both banks highlight their shared commitment to unparalleled customer service and local decision-making, ensuring that the merger enhances rather than diminishes the community-focused approach that defines both institutions. The strategic combination allows the new bank to deepen its regional presence across Albany, Saratoga, Greene, and Schoharie Counties, positioning it to better innovate and compete while maintaining the agility to respond to local needs.

Transaction details reveal that the merger, valued at approximately $26.0 million based on BSNB's current stock price of $68.21 per share, has received unanimous approval from both boards of directors. Closing is anticipated in the second quarter of 2026, pending regulatory and shareholder approvals. The combined holding company will retain the name Ballston Spa Bancorp, Inc., trading under the symbol BSPA, with plans to apply for quotation on the OTCQX market. Financial advisors Griffin Financial Group, LLC and Janney Montgomery Scott, LLC provided fairness opinions to BSNB and NBC respectively, while legal counsel was handled by Luse Gorman, PC and Pillar + Aught. An investor presentation with detailed financial metrics is available on both companies' websites, including www.bsnb.com and https://investors.nbcoxsackie.com, offering transparency into the strategic rationale and expected synergies of this landmark community banking combination.

Source Statement

This curated news summary relied on content disributed by citybiz. Read the original source here, Ballston Spa National Bank and National Bank of Coxsackie Merge

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