Fulton Financial Corporation and Blue Foundry Bancorp have agreed on a definitive merger deal where Fulton will acquire Blue Foundry in an all-stock transaction. Each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock, valuing the deal at around $243 million. The merger is expected to be accretive to earnings by over 5% in the first full year and is set to close in the second quarter of 2026 pending regulatory approvals. The merger will result in Blue Foundry Bank merging into Fulton Bank, N.A. with Fulton Bank as the surviving entity. The deal aims to enhance banking services and provide innovative solutions to an expanded customer base in northern New Jersey, aligning with Fulton’s growth strategy. The transaction also includes a $1.5 million contribution to the Fulton Forward Foundation to support nonprofit organizations in New Jersey. Advisors involved in the deal include Stephens Inc. and Holland & Knight LLP for Fulton, and Piper Sandler & Co. and Luse Gorman, PC for Blue Foundry Bancorp.

Read more at GlobeNewswire: Fulton Financial Corporation and Blue Foundry Bancorp