Fulton Financial Corporation announced a definitive all‑stock merger agreement to acquire Blue Foundry Bancorp, a regional bank with a strong presence in northern New Jersey. The deal will exchange each share of Blue Foundry common stock for 0.6500 shares of Fulton common stock, valuing the transaction at approximately $243 million based on Fulton’s share price of $17.96 as of November 21, 2025.
The transaction is expected to be accretive to Fulton’s first‑full‑year earnings by more than 5%, immediately accretive to tangible book value per share, and neutral to regulatory capital ratios at closing. The all‑stock structure preserves Blue Foundry shareholders’ equity while providing Fulton with a 4.8 billion‑asset portfolio and 5.6 billion‑dollar liability base, expanding Fulton’s footprint in a high‑growth market.
Blue Foundry’s 2024 financials show a net interest margin of 1.9% and total assets of $2.06 billion, underscoring the bank’s modest scale but strong profitability. The merger will combine Blue Foundry’s 4.8 billion in assets with Fulton’s $32 billion balance sheet, creating a more diversified regional bank with enhanced cross‑sell opportunities and cost synergies. Fulton’s Q3 2025 operating net income of $101.3 million ($0.55 per diluted share) and nine‑month operating net income of $297.4 million ($1.62 per diluted share) demonstrate a solid earnings base that the acquisition is designed to strengthen.
Management highlighted the strategic fit and community focus of the deal. Curtis J. Myers, Fulton Chairman and CEO, said the combination “creates an opportunity to leverage Fulton’s robust banking services and provide greater convenience and innovative solutions to an expanded customer base, while continuing to support local communities.” James D. Nesci, Blue Foundry President and CEO, added that the partnership “preserves local relationships and personalized service while giving customers access to greater resources and solutions.” The agreement also includes a $1.5 million contribution to Fulton’s Forward Foundation to support community organizations in New Jersey.
The merger is subject to customary closing conditions, including regulatory approvals and shareholder approval of Blue Foundry. Upon completion, Blue Foundry Bank will merge into Fulton Bank, N.A., with Fulton Bank remaining the surviving bank. The deal is positioned to accelerate growth in Fulton’s core markets and deliver tangible value to shareholders while reinforcing its commitment to community banking.
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