Fulton Financial Corporation, a Pennsylvania-based financial services company, is set to acquire Blue Foundry Bancorp, a New Jersey-chartered bank holding company, in a significant all-stock merger valued at approximately $243 million. This merger, formalized in an Agreement and Plan of Merger dated November 24, 2025, will allow Fulton to expand its footprint while enhancing its service offerings.
Under the terms of the merger agreement, each share of Blue Foundry common stock will be exchanged for 0.650 shares of Fulton common stock, based on the closing price of Fulton shares on November 21, 2025. This exchange ratio translates to an approximate value of $11.67 per share of Blue Foundry common stock. Following the merger, Blue Foundry Bank, a wholly-owned subsidiary of Blue Foundry, will merge into Fulton Bank, N.A., thereby strengthening Fulton’s banking operations.
The strategic rationale behind this deal is clear: Fulton aims to leverage Blue Foundry’s capabilities and customer base to accelerate growth in New Jersey and surrounding markets. By integrating Blue Foundry’s operations, Fulton anticipates not only increased market presence but also enhanced product offerings, which could lead to improved customer retention and acquisition.
The merger is expected to close in the first half of 2026, pending regulatory approvals and the favorable vote of Blue Foundry’s stockholders at a special meeting. The Blue Foundry board of directors has unanimously recommended that stockholders vote in favor of the merger.
Market implications of this transaction are notable. Blue Foundry stockholders are expected to own approximately [insert percentage] of the combined company post-merger, while Fulton shareholders will own approximately [insert percentage]. This acquisition could lead to a more robust market position for Fulton, potentially increasing shareholder value and enhancing competitive advantages in the banking sector.
As part of the merger process, both companies will need to secure necessary regulatory approvals, including antitrust clearance, to finalize the transaction. Fulton anticipates that the merger will qualify as a reorganization under the Internal Revenue Code, allowing for a tax-advantaged exchange of shares for Blue Foundry stockholders.
In conclusion, this merger marks a significant milestone for both Fulton Financial Corporation and Blue Foundry Bancorp, signaling a strategic move towards enhanced market presence and operational synergies in the competitive banking landscape.