BALLSTON SPA, NY AND COXSACKIE, NY — Ballston Spa Bancorp, Inc. (OTCQX: BSPA), holding company for Ballston Spa National Bank (collectively “BSNB”), and NBC Bancorp, Inc. (OTCPK: NCXS), holding company for The National Bank of Coxsackie (collectively “NBC”), recently announced the completion of the previously announced strategic merger transaction.
Brean Capital served as exclusive financial advisor to NCXS in the merger.
Based on the terms of the merger agreement announced on September 24, 2025, NCXS and The National Bank of Coxsackie merged with and into BSPA and Ballston Spa National Bank, respectively, with BSPA and Ballston Spa National Bank each surviving the merger. Each outstanding share of NBC common stock has been converted into the right to receive 0.8065 shares of BSNB (with cash paid for fractional shares) such that legacy BSNB shareholders now own approximately 66% of the combined company and former NBC shareholders own approximately 34%.
In connection with the closing of the merger, John A. Balli, the former President and CEO of NBC, has become Senior Executive Leader of the combined bank, and Caitlin McCrea, former SVP and Chief Financial Officer of NBC, has become SVP of Finance and Treasurer for the combined bank. In addition, the combined bank and holding company boards of directors of BSNB welcome Aaron P. Flach, Carl A. Florio, Donald G. Persico and Joseph H. Warren, formerly NBC directors.
Christopher R. Dowd commented on the closing, “We are thrilled to welcome the National Bank of Coxsackie into BSNB. The partnership will result in a stronger financial services company with sufficient scale, capacity and talent to deliver unparalleled service and support to our customers and the greater capital region market. With a larger lending limit, more robust branch system and local decision making we look forward to making an impact.”
John A. Balli added, ”I look forward to partnering with Chris and the senior leadership of our team to be a deep, steady and impactful force in the Capital District and our greater footprint.”
As a result of the merger, the combined bank will have 21 full-service branches across Albany, Greene, Saratoga, and Schoharie Counties in New York State.
BSNB had previously announced on March 23, 2026, that both parties had received shareholder approval for the merger. On March 25, 2026, BSNB announced separately that it had closed a $26 million issue of subordinated debt, with the majority of the proceeds to be committed to the bank in order to support the business and operations of the combined entity.
Founded in 1838, Ballston Spa National Bank (“BSNB”) is the wholly owned subsidiary of Ballston Spa Bancorp, Inc. As of December 31, 2025, BSNB has approximately $929 million in total assets and serves individuals, businesses, organizations and families through 13 full-service branches across Albany and Saratoga Counties in New York State. 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 December 31, 2025, NBC has approximately $512 million in total assets and serves its community through 8 full-service branches across Albany, Greene, and Schoharie Counties in New York State. 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.
Brean Capital’s Investment Banking Group is dedicated to helping its clients achieve their strategic and financial goals. For more than 50 years, the Firm has specialized in providing capital raising, M&A and financial advisory services to middle market businesses. Throughout its history, Brean Capital has established a track record of providing its clients with deep market knowledge, commitment and experience to ensure a successful transaction. For more information, please visit: www.breancapital.com/InvestmentBanking.