News

October 26, 2018

Ballston Spa Bancorp, Inc. Successfully Raises $7.75 Million in Funding

Ballston Spa Bancorp, Inc., parent company of Ballston Spa National Bank (BSNB), announced today that is has successfully raised $7.75 million in new funding to better position the company to support the needs of customers and pursue additional growth opportunities. Funding came from local investors comprised primarily of customers and existing shareholders.

In recent years, BSNB has made significant investments in staffing resources and new technology to enhance service and support to clients across the capital region. Combined with the development of new branch locations in Latham, Guilderland, Voorheesville, and Clifton Park, these initiatives have led to strong asset growth in each of the last two years with record earnings.

“The infusion of additional capital at this juncture supports the company’s ongoing efforts to deliver enhanced service to customers and the greater capital region community,” said Chris Dowd, president and CEO of BSNB. “We are very appreciative of the support from these local investors and look forward to leveraging our strong position in pursuit of additional growth and expansion opportunities.”