At the close of business on the record date for the special meeting, there were 742,663 shares of common stock outstanding and entitled to vote. A quorum was established with 599,126 shares represented at the meeting. The shareholders voted overwhelmingly in favor of the merger proposal, with 593,057 shares voting for, 745 against, and 5,324 abstaining. The approval of this merger is a significant step forward for both companies, as they anticipate completing the transaction by April 1, 2026, pending the satisfaction of customary closing conditions.
The merger is expected to create a stronger financial institution, allowing for improved service offerings and operational efficiencies. Shareholders of NBC will receive 0.8065 shares of Ballston Spa Bancorp for each share of NBC common stock they hold, resulting in BSNB shareholders owning approximately 66% of the combined company and NBC shareholders owning about 34%. This merger is anticipated to provide substantial benefits, including enhanced customer service capabilities and increased market competitiveness.
Both companies have received all requisite regulatory approvals necessary to finalize the merger, and they are optimistic about the future growth opportunities that this merger will bring. The joint press release issued on the same day highlighted the anticipated closing date and the positive outlook for the combined entity, reinforcing the strategic rationale behind the merger. This merger represents a significant milestone in the growth trajectory of both Ballston Spa Bancorp and NBC Bancorp, positioning them for future success in the banking sector.
