Fulton Financial Acquires Blue Foundry Bancorp, Expands to $34 Billion Assets

By Chris Stiles • Wednesday, April 01 11:49 • Permanent Link

Fulton Financial Corporation has completed its acquisition of Blue Foundry Bancorp, expanding its footprint in New Jersey and lifting the company to $34 billion in assets.

The deal adds Blue Foundry Bank to Fulton’s platform as a separate, wholly owned subsidiary for now. Fulton said it expects to merge Blue Foundry Bank’s operations, systems and accounts into Fulton Bank, N.A. this summer.

The company also said it will make a $1.5 million contribution to the Fulton Forward Foundation tied to the transaction, with the money earmarked for nonprofit organizations in New Jersey.

Fulton said the acquisition advances its growth plan in New Jersey and increases its presence in a market it described as important. The company now operates through Fulton Bank in Pennsylvania, Maryland, Delaware, New Jersey and Virginia, and through Blue Foundry Bank in New Jersey.

Fulton said more than 3,500 employees are part of the organization. The market has reacted to these announcements by moving the company's shares 0.3% to a price of $20.16. Check out the company's full 8-K submission here.

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