LANCASTER, PA — Fulton Financial Corporation (Nasdaq: FULT) recently completed its acquisition of Blue Foundry Bancorp of Rutherford, New Jersey, expanding its presence in the New Jersey market and increasing its total assets to approximately $34 billion.
Blue Foundry Bank will operate as a separate, wholly owned subsidiary until later this year, when Fulton plans to merge its operations, systems, and accounts into Fulton Bank.
Until the integration is completed, Blue Foundry customers will continue to access services through existing locations and systems.
Curt Myers, chairman, president, and chief executive officer of Fulton, said the acquisition is part of the company’s growth strategy. “Expanding our presence in New Jersey allows us to deepen our impact and continue changing lives for the better in the communities we serve,” he said.
As part of the transaction, Fulton will contribute $1.5 million to the Fulton Forward Foundation to support nonprofit organizations in New Jersey.
Additional details about the acquisition are included in a Form 8-K filing with the U.S. Securities and Exchange Commission.
Fulton Financial Corporation is a Lancaster-based financial holding company providing banking services across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.
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