Fulton Financial Corporation (FULT) and Blue Foundry Bancorp (BLFY) on Monday announced that they inked a merger deal through which Fulton will acquire Blue Foundry in an all-share transaction.
Under the terms, each share of BLFY will be exchanged for 0.6500 FULT shares. Based on Fulton's share price of $17.96 as of November 21, the transaction is valued at around $243 million, or $11.67 per BLFY share.
The acquisition is expected to add to the first full-year earnings of FULT by over 5%, immediately accretive to tangible book value per share, and neutral to regulatory capital ratios at close.
This transaction will boost Fulton's growth efforts in the attractive northern New Jersey market. Curtis J. Myers, CEO of Fulton Financial, said: "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."
The acquisition is expected to be closed in the second quarter of 2026. Post transaction, Blue Foundry Bank, the wholly owned subsidiary of Blue Foundry, will merge into Fulton Bank, N.A., the wholly owned bank subsidiary of Fulton, with Fulton Bank as the surviving company.
As part of the deal, Fulton will make a $1.5 million contribution to the Fulton Forward Foundation.
BLFY was up by 37.12% at $10.86 on the Nasdaq.
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