Ballston Spa Bancorp to buy NBC Bancorp in New York

Ballston Spa Bancorp in Ballston Spa, N.Y., has agreed to buy NBC Bancorp in Coxsackie, N.Y.

The $912 million-asset Ballston Spa said in a press release that it will pay $26 million in stock for the $400 million-asset NBC. The deal is expected to close in the second quarter.

John Balli, NBC’s president and CEO, will become president of the combined company.

“The combined company will have a larger market capitalization, greater lending limit and increased visibility and liquidity,” Christopher Dowd, Ballston Spa’s president and CEO, said in the release.

Ballston Spa plans to issue about $20 million in subordinated debt tied to the deal.

Founded in 1838, BSNB currently manages approximately $912 million in assets, while NBC, established in 1852, holds $525 million in assets. With a beta of -0.19, BSNB has historically shown low correlation with broader market movements, potentially offering portfolio diversification benefits. InvestingPro analysis indicates several additional growth metrics and financial health indicators available to subscribers.