Fulton Financial, Blue Foundry Bancorp combining in all-stock merger

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Fulton Financial Corporation and Blue Foundry Bancorp are combining in an all-stock merger.

As Blue Foundry is based in Rutherford, N.J., the transaction expands Lancaster-based Fulton Financial’s presence in northern New Jersey markets.

Fulton Financial and Blue Foundry announced Monday that they have entered into a definitive merger agreement in which Fulton will acquire Blue Foundry in an all-stock transaction. According to a release, the agreement calls for each share of Blue Foundry common stock to be exchanged for 0.6500 shares of Fulton common stock. Based on Fulton’s share price of $17.96 as of Nov. 21, the transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock.

Per the release, 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, the wholly owned bank subsidiary of Fulton, with Fulton Bank as the surviving bank.

“We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer,” Fulton Chairman and CEO Curtis Myers said in a statement. “The combination of our companies creates an opportunity to leverage Fulton’s robust banking services and provide greater convenience and innovative solutions to an expanded customer base, with a continued focus on supporting our local communities.

“The expansion in northern New Jersey aligns with our strategy of growing in our local markets and positions us well to drive organic growth across our commercial, consumer, wealth advisory and mortgage businesses,” added Myers.

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.

“Joining forces with Fulton is an exciting step forward for our employees, customers and communities,” said James Nesci, president and Chief Executive Officer of Blue Foundry. “This partnership allows us to preserve the local relationships and personalized service our customers value, while gaining access to greater resources and providing more solutions and convenience to customers. Together, we’re building a stronger future for everyone we serve.”

Headquartered in Lancaster, Fulton Financial Corporation is a community banking organization and a $32 billion asset financial holding company providing a variety of financial services through its subsidiary bank, Fulton Bank, in Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.