National Bank of Coxsackie To Lease New Office

Rhea-AI Summary

NBC Bancorp, Inc. (OTCPK:NCXS) has announced the leasing of 6,600 square feet of office space at 1003 New Loudon Road, Latham, NY. This new location will enhance the Bank's commercial lending capabilities and administrative functions, supporting its loan growth in the Capital Region. The Bank's corporate headquarters will remain in Coxsackie, NY. In 2022, the Bank reported significant loan growth, with total assets exceeding $500 million. Construction is set to be completed by BBL Construction Services, with an expected occupancy in the summer of 2023.

Positive

• Expansion into Latham, NY with 6,600 square feet of new office space.
• Support for local businesses and job creation.
• Significant loan growth and total assets over $500 million reported in 2022.

Negative

• None.

COXSACKIE, N.Y.--(BUSINESS WIRE)-- NBC Bancorp, Inc. (“Bancorp”), (OTCPK:NCXS), the holding company for The National Bank of Coxsackie (“Bank”), announced that the Bank has entered into an agreement to lease 6,600 square feet of office space located at 1003 New Loudon Road in Latham, NY. The office space will be deployed by the Bank to expand commercial lending and administrative offices and to support its continued commercial loan growth in the greater Capital Region. The Bank’s corporate headquarters will remain in Coxsackie, NY.

Bank President and Chief Executive Officer, John A. Balli, stated, “We are excited for this opportunity to support our local businesses and enhance our market visibility and employment opportunities.” The Bank recently announced its financial results for 2022 which included significant loan growth and total assets in excess of $500 million. The transaction was brokered by Tyler Culberson of NAI Platform and construction fit-up is to be completed by BBL Construction Services for an expected occupancy in the summer of 2023.

NBC Bancorp, Inc. is the parent company of The National Bank of Coxsackie, which celebrated its 170^th anniversary in 2022. The Bank operates eight branches in the New York State counties of Albany, Greene and Schoharie. For more information, please visit www.nbcoxsackie.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005205/en/

Nicole M. Bliss, VP/Human Resources

(518) 731-6161

nbliss@nbcoxsackie.com

Source: National Bank of Coxsackie

FAQ

What is NBC Bancorp, Inc. aiming to achieve with the new office space in Latham, NY?

NBC Bancorp, Inc. plans to enhance its commercial lending capabilities and administrative support through the new office space in Latham, NY.

What were NBC Bancorp's total assets reported for 2022?

NBC Bancorp reported total assets exceeding $500 million for the year 2022.

Who brokered the transaction for the new office lease of NBC Bancorp in Latham, NY?

The transaction was brokered by Tyler Culberson of NAI Platform.

When is the expected occupancy date for the new office space leased by NBC Bancorp?

Expected occupancy for the new office space is in the summer of 2023.

How many branches does the National Bank of Coxsackie operate?

The National Bank of Coxsackie operates eight branches across New York State.