Fulton Financial, Blue Foundry Bancorp to combine in $243M all-stock merger

Fulton Financial (FULT) and Blue Foundry Bancorp (BLFY) entered into a definitive merger agreement pursuant to which Fulton will acquire Blue Foundry in an all-stock transaction. Under the terms of the definitive merger agreement, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. Based on Fulton’s share price of $17.96 as of November 21, 2025, the transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock. This transaction accelerates Fulton’s growth efforts in the attractive northern New Jersey market. The transaction is expected to be accretive to first full-year earnings by over 5%, immediately accretive to tangible book value per share and neutral to regulatory capital ratios at close. The boards of directors of both Fulton and Blue Foundry have unanimously approved the definitive merger agreement. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Blue Foundry’s stockholders. Following the closing, Blue Foundry Bank, the wholly owned subsidiary of Blue Foundry, will merge into Fulton Bank, N.A., the wholly owned bank subsidiary of Fulton, with Fulton Bank as the surviving bank. As part of the transaction, Fulton will make a $1.5 million contribution to the Fulton Forward Foundation, designated to be used to provide impact grants in support of nonprofit community organizations in New Jersey.