On March 25, 2026, Ballston Spa Bancorp, Inc. (OTCQX: BSPA) announced the successful completion of a $26 million subordinated notes offering. This offering was directed towards qualified institutional buyers and accredited investors, with the primary aim of supporting the company's proposed merger with NBC Bancorp, Inc. The merger is expected to enhance the capital structure of the combined entity, providing necessary resources for ongoing operations and regulatory compliance. The subordinated notes carry a fixed interest rate of 7.375% until April 1, 2031, after which the rate will transition to a floating rate based on the 90-day average Secured Overnight Financing Rate (SOFR) plus 378 basis points. The maturity date for these notes is set for April 1, 2036. The proceeds from this offering will be utilized for general corporate purposes, including the merger and strengthening the capital base of the bank. This strategic move is anticipated to bolster the financial position of Ballston Spa Bancorp and facilitate a smoother integration with NBC Bancorp, ultimately benefiting shareholders and customers alike.

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