Fulton Financial Corp. and Blue Foundry Bancorp announced they have entered into a definitive merger agreement under which Fulton will acquire Blue Foundry in an all-stock transaction valued at approximately $243 million.
Under the agreement, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. Based on Fulton’s closing share price of $17.96 on Nov. 21, 2025, the deal is valued at about $11.67 per Blue Foundry share.
The boards of directors of both companies unanimously approved the transaction, which is expected to close in the second quarter of 2026, pending regulatory approvals and approval by Blue Foundry shareholders. After the merger, Blue Foundry Bank will merge into Fulton Bank, N.A., with Fulton Bank as the surviving institution.
Fulton said the transaction is expected to be accretive to first full-year earnings by more than 5%, immediately accretive to tangible book value per share and neutral to regulatory capital ratios at closing.
“We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer,” said Curtis J. Myers, Fulton Chairman and CEO. “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.”
Blue Foundry President and Chief Executive Officer James D. Nesci said the merger will allow the bank to maintain local relationships while expanding services.
“Joining forces with Fulton is an exciting step forward for our employees, customers and communities,” said James D. Nesci, President and Chief Executive Officer of Blue Foundry. “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.”
As part of the transaction, Fulton will contribute $1.5 million to the Fulton Forward Foundation to provide impact grants supporting nonprofit community organizations in New Jersey.
