Blue Foundry Bancorp and Fulton Financial Corporation have entered into a definitive all‑stock merger agreement valued at approximately $243 million. Under the terms, each Blue Foundry share will be exchanged for 0.6500 Fulton shares, valuing the deal at $11.67 per Blue Foundry share based on Fulton’s $17.96 share price as of November 21, 2025. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals and shareholder approval. Upon completion, Blue Foundry Bank, the wholly owned subsidiary of Blue Foundry, will merge into Fulton Bank, N.A., with Fulton Bank as the surviving bank.
Blue Foundry’s Q3 2025 results showed a net loss of $1.9 million, an improvement from the $2.0 million loss in the prior quarter and the $4.0 million loss in the same period last year. Net interest income rose to $12.2 million from $11.6 million in the prior quarter and $9.1 million a year earlier, while the net interest margin expanded by six basis points to 2.34%. Fulton Financial reported earnings per share of $0.53 in Q3 2025, beating the consensus estimate of $0.49 by $0.04 (an 8.2% beat). Revenue reached $334.61 million, surpassing the projected $332.35 million by $2.26 million (a 0.68% beat). Net interest income for Fulton increased to $264.2 million, up $9.3 million from the prior quarter.
The merger expands Fulton’s presence in northern New Jersey, aligning with its growth strategy in local markets. It also provides Blue Foundry shareholders with a premium all‑stock consideration. Curtis J. Myers, Fulton Chairman and CEO, said the combination will “leverage Fulton’s robust banking services while preserving Blue Foundry’s community‑focused relationships and personalized service.” James D. Nesci, President and CEO of Blue Foundry, emphasized that the partnership will “preserve local relationships while providing customers with greater resources and solutions.”
The deal is projected to be accretive to Fulton’s first‑full‑year earnings by over 5%, immediately accretive to tangible book value per share, and neutral to regulatory capital ratios at close. The all‑stock structure preserves Blue Foundry’s community‑focused culture while integrating it into Fulton’s broader network, positioning the combined entity for stronger market presence and operational synergies.
Investors welcomed the announcement, citing the premium valuation and strategic fit. The transaction is expected to enhance Fulton’s market position and provide Blue Foundry shareholders with a premium valuation.
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