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Ballston Spa Bancorp, Inc. Completes $26 Million Subordinated Debt Raise
BALLSTON SPA, N.Y., March 25, 2026--Ballston Spa Bancorp, Inc. (OTCQX: BSPA), holding company for Ballston Spa National Bank (collectively "BSNB"), today announced the completion of a $26 million subordinated notes offering to certain qualified institutional buyers and accredited investors. The private placement of notes will support the previously announced proposed merger with NBC Bancorp, Inc. (OTCID: NCXS), holding company for The National Bank of Coxsackie (collectively "NBC"). The majority
About this update from The Bancorp, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":555,"height":207,"url":"https://media.zenfs.com/en/business-wire.com/f050dcb87f974b1f075b121c8d4964b8"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/LnzdmyF.AbPZtZ7qq4B.4g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM1OA--/https://media.zenfs.com/en/business-wire.com/f050dcb87f974b1f075b121c8d4964b8","width":555,"height":207}},"lazy":false},{"type":"text","content":"BALLSTON SPA, N.Y., March 25, 2026--(BUSINESS WIRE)--Ballston Spa Bancorp, Inc. (OTCQX: BSPA), holding company for Ballston Spa National Bank (collectively "BSNB"), today announced the completion of a $26 million subordinated notes offering to certain qualified institutional buyers and accredited investors. The private placement of notes will support the previously announced proposed merger with NBC Bancorp, Inc. (OTCID: NCXS), holding company for The National Bank of Coxsackie (collectively "NBC"). The majority of the net proceeds of the offering being contributed to BSNB to support the bank merger and to provide requisite capital for general corporate purposes in support of the ongoing operations of the combined bank.","length":749,"tagName":"p"},{"type":"text","content":"The new notes have a maturity date of April 1, 2036, and carry a fixed interest rate of 7.375% through April 1, 2031, and a floating rate of 90-day average SOFR plus 378 basis points thereafter. The notes may be redeemed, in whole or in part, on or after April 1, 2031, or at any time in whole upon certain other specified regulatory events. The subordinated notes have been structured to qualify as Tier 2 capital for regulatory purposes.","length":439,"tagName":"p"},{"type":"text","content":"The notes are not registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.","length":234,"tagName":"p"},{"type":"text","content":"Griffin Financial Group LLC and Brean Capital LLC served as placement agents for the offering while Luse Gorman, PC served as legal counsel to BSNB and Stevens & Lee served as legal counsel to the placement agents.","length":218,"tagName":"p"},{"type":"text","content":"Forward ...