Fulton Financial Corporation (NASDAQ: FULT) and Blue Foundry Bancorp (NASDAQ: BLFY) have announced a definitive merger agreement, with Fulton acquiring Blue Foundry in an all-stock transaction. Based on Fulton's share price of $17.96 as of November 21, 2025, the transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock.
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. This marks a significant positive change for Fulton compared to the previous period.
The boards of directors of both companies have unanimously approved the merger agreement, and 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, N.A., with Fulton Bank as the surviving bank. This consolidation presents a notable shift in the competitive landscape within the banking sector.
Fulton Financial Corporation, a premier community banking organization with a $32 billion asset financial holding, is set to expand its presence in the highly attractive northern New Jersey market through this merger. This strategic move aligns with Fulton's growth efforts and positions the company to drive organic growth across its commercial, consumer, wealth advisory, and mortgage businesses.
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, signaling a commitment to social responsibility and community support.
The merger has received positive feedback from the leadership of both companies, with Curtis J. Myers, Fulton's chairman and CEO, expressing the potential to leverage Fulton’s robust banking services and provide greater convenience and innovative solutions to an expanded customer base. James D. Nesci, president and CEO of Blue Foundry, views the partnership as an opportunity to preserve local relationships and personalized service while gaining access to greater resources and providing more solutions and convenience to customers.
The transaction is being advised by reputable financial and legal firms, with Stephens Inc. and Holland & Knight LLP serving as financial advisor and legal counsel to Fulton, and Piper Sandler & Co. and Luse Gorman, PC serving as financial advisor and legal counsel to Blue Foundry Bancorp.
The merger marks a significant development in the banking industry, with both companies aiming to create a stronger future for their employees, customers, and communities through this strategic combination. As a result of these announcements, the company's shares have moved 4.0% on the market, and are now trading at a price of $17.96. If you want to know more, read the company's complete 8-K report here.
