On April 1, 2026, Ballston Spa Bancorp, Inc. (OTCQX: BSPA) announced the successful completion of its strategic merger with NBC Bancorp, Inc. (OTCID: NCXS). This merger, which was previously announced on September 23, 2025, marks a significant step in the consolidation of financial services in the Capital Region of New York. The merger agreement stipulated that NBC would merge with Ballston Spa Bancorp, with the latter as the surviving entity. As a result, each share of NBC common stock was converted into the right to receive 0.8065 shares of Ballston Spa Bancorp common stock, with cash provided for fractional shares. This transaction results in legacy Ballston Spa Bancorp shareholders owning approximately 66% of the combined entity, while former NBC shareholders will hold about 34%. The merger is expected to create a stronger financial institution with enhanced capabilities to serve customers across Albany, Greene, Saratoga, and Schoharie Counties, where the combined bank will operate 21 full-service branches and manage total assets of approximately $1.3 billion. The leadership structure will see John A. Balli, the former President and CEO of NBC, take on the role of Senior Executive Leader of the combined bank, while Caitlin McCrea, previously the CFO of NBC, will serve as SVP of Finance and Reporting. Christopher R. Dowd, the current President and CEO of Ballston Spa Bancorp, expressed optimism about the merger, stating that it will provide a larger lending limit and a more robust branch system, ultimately benefiting customers and the community. The merger has received the necessary shareholder approvals and is anticipated to yield significant operational synergies and cost savings, enhancing the overall financial performance of the combined entity. This strategic move positions Ballston Spa Bancorp as a more competitive player in the regional banking landscape, with a focus on delivering exceptional service and support to its customers.

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