THE visitors went ahead when Kyle McDowell unleashed a thunderbolt from 23 yards that struck the underside of crossbar and rebounded into the path of Ross Arthurs who made no mistake from a few yards out.
Ards went close to increasing their lead after 24 minutes with a screamer from McIhagga which went the wrong side of the post.
Barry Nelson kept Town in the game after 30 minutes when he made a terrific clearance from under his own crossbar.
Town equalised a minute later when a quality pass from Mattie McCartan found Chris Kingsberry and the little midfield dynamo raced 30 yards before placing a fine shot past McKibbin and into the corner of the net.
Banbridge lost midfielder Chris McGrath to a suspected broken nose on 65 minutes and it was when they were temporarily reduced to ten men that Ards took the lead again.
Aaron McKee rifled home from the edge of the box after another goalmouth scramble.
Back came "never say die" Town and when an inch perfect Kingsberry pass found Conor Downey honing in on goal after 69 minutes the latter exasperated the home support with a poor finish.
Town stunned Ards in the 80th minute with a superlative Mattie McCartan equaliser when he struck a superb 22 yard free kick which crashed into the net with 'keeper McKibbin rooted to the spot.
The home support were ecstatic and a well deserved point seemed to be the order of the day until in the 93rd minute McConnell got on the end of a good left wing cross to steer his header high into the net and dash Town hopes.
Banbridge Town: McAllister, Jones, Robb, Thompson, Nelson, McGrath, Gallagher, McCartan, Cree, Kingsberry, Downey subs McGarry (replaced Gallagher 61), Ferguson (not used), Wilson (replaced McGrath 65)
Ards: McKibbin, Young, Nixon, J. Cully, Boyd, Picking, McKee, McIlhagga, McDowell, McConnell, R. Arthurs subs McKnight (not used), D. Cully (not used), A. Arthurs (not used), Spence (replaced Boyd 71), Kee (not used)