Fulton Financial Corporation announced that it has entered into a definitive agreement to acquire Blue Foundry Bancorp in an all-stock transaction valued at approximately $243 million.
The deal will expand Fulton’s presence in northern New Jersey and is expected to close in the second quarter of 2026, subject to regulatory and shareholder approvals. Each Blue Foundry share will be exchanged for 0.6500 shares of Fulton common stock, equating to $11.67 per Blue Foundry share based on Fulton’s closing price of $17.96 on November 21, 2025.
The transaction is expected to accelerate Fulton’s growth in a strategically important market and is projected to be accretive to the company’s first full year earnings by more than five percent. Fulton also expects the combination to be immediately accretive to tangible book value per share and neutral to regulatory capital ratios at closing. Following the completion of the deal, Blue Foundry Bank will merge into Fulton Bank, N.A. Fulton will also contribute $1.5 million to the Fulton Forward Foundation to support nonprofit organizations across New Jersey.
Support: The boards of directors of both companies unanimously approved the agreement. Stephens Inc. acted as financial advisor and Holland and Knight acted as legal counsel to Fulton. Piper Sandler acted as financial advisor and Luse Gorman acted as legal counsel to Blue Foundry Bancorp.
KEY QUOTES:
“We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer. 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.”
Curtis J. Myers, Chairman And CEO, Fulton Financial Corporation
“Joining forces with Fulton is an exciting step forward for our employees, customers and communities. 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.”
James D. Nesci, President And CEO, Blue Foundry Bancorp
