Ballston Spa National Bank Announces Merger: $1.3 Billion Bank Being Created

BALLSTON SPA — Ballston Spa Bancorp, holding company for Ballston Spa National Bank (BSNB), and NBC Bancorp, holding company for The National Bank of Coxsackie (NBC), jointly announced on Wednesday morning a merger whereby the banks will combine forces and create a $1.3 billion community bank serving the greater Capital District and surrounding markets.

The combined bank will conduct business under the BSNB charter, with the NBC locations known as “Coxsackie Bank, a division of Ballston Spa National 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,” said Christopher R. Dowd, president and CEO of BSNB, in a news release. “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.”  

“Both our banks have similar cultures, values and philosophies,” said 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.”

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.

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.

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 $912 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.

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 $525 million in total assets and serves its community through 8 full-service branches across Albany, Greene, and Schoharie Counties in New York State, with an additional commercial loan production and administrative office in Latham.