LANCASTER, PA & RUTHERFORD, NJ — Fulton Financial Corporation (Nasdaq: FULT) entered into a definitive agreement to acquire Blue Foundry Bancorp (Nasdaq: BLFY) in an all-stock transaction valued at roughly $243 million, a move that significantly deepens Fulton’s presence in northern New Jersey, one of the region’s most competitive banking markets.
Under the terms of the agreement, Blue Foundry shareholders received 0.6500 shares of Fulton common stock for each share of Blue Foundry common stock. Based on Fulton’s November 21, 2025 share price of $17.96, the consideration equated to $11.67 per share.
Fulton said the acquisition supports its strategy of expanding in high-growth local markets and is expected to be accretive to its first full year of earnings by more than 5%. The company also expects the deal to be immediately accretive to tangible book value per share and neutral to regulatory capital ratios upon closing.
The boards of both companies unanimously approved the merger, which is anticipated to close in the second quarter of 2026, pending regulatory approvals and approval by Blue Foundry shareholders. Following completion, Blue Foundry Bank will merge into Fulton Bank, N.A.
Fulton Chairman and CEO Curtis J. Myers said the combination strengthens the company’s ability to deliver personal, community-focused banking while expanding service offerings across commercial, consumer, wealth, and mortgage lines. He said the expanded New Jersey footprint positions Fulton to drive organic growth in a key market.
Blue Foundry CEO James D. Nesci said joining with Fulton gives customers the benefit of greater resources while preserving the relationship-driven service model they expect.
As part of the transaction, Fulton will contribute $1.5 million to the Fulton Forward® Foundation to support nonprofit organizations in New Jersey.
Stephens Inc. advised Fulton, with legal counsel from Holland & Knight LLP. Piper Sandler & Co. advised Blue Foundry, and Luse Gorman, PC served as its legal counsel.
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