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1.
a swarthy, unkempt beard, named after Bob Balaban, the gentleman in Close Encounters of the Third Kind that does some stuff and helps some people.

Also can be used to name a person who sports a Balaban.

Also of note, one can be guilty of pulling a Balaban.
"Damn, was that a guinea pig that just fell out of his Balaban?"

"Hey Balaban, you got a guinea pig in your soup."
by Toastmaster Flash November 10, 2006