Ballston Spa, N.Y.-based Ballston Spa Bancorp is merging with NBC Bancorp in a $26 million deal. .The merger of equals, which is expected to close in the second quarter of next year, will create a $1.3 billion community bank serving the Capital District of Albany, Saratoga, Schenectady and Troy. Ballston Spa Bancorp is the holding company of Ballston Spa National Bank, and NBC Bancorp is the parent company of The National Bank of Coxsackie. The combined bank is expected to operate under the Ballston Spa National Bank charter, while NBC’s locations will continue as Coxsackie Bank, a division of Ballston Spa National Bank. Ballston Spa National Bank President and CEO Christopher Dowd will be CEO of the combined company, and The National Bank of Coxsackie President and CEO John Balli will be president. Richard Sleasman, chair of Ballston Spa National Bank’s board, will serve as chair of the new board, which will have nine directors from Ballston Spa National Bank and four from The National Bank of Coxsackie.“This merger will create a stronger institution with a larger lending capacity, expanded branch network, and enhanced digital services — all while keeping decisions local,” Dowd said.Balli said both banks share similar values and a focus on community. “Joining forces will expand our combined footprint, create a larger, more competitive institution in the Capital Region and open the door to new opportunities,” he said.Reading, Pa.-based Griffin Financial Group was financial adviser to Ballston Spa National Bank, and rendered a fairness opinion to its board of directors. Washington, D.C.-based Luse Gorman PC was legal counsel. Philadelphia-based Janney Montgomery Scott was financial adviser to The National Bank of Coxsackie, and rendered a fairness opinion to its board. Harrisburg, Pa.-based Pillar + Aught was legal counsel.
