Fulton Financial Corp., a community banking organization headquartered in Lancaster, Pa., is buying Rutherford, N.J.-based Blue Foundry Bancorp.
The companies said Nov. 24 that they have entered into a definitive merger agreement pursuant to which Fulton will acquire Blue Foundry in an all-stock transaction currently valued at roughly $243 million.
“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 Fulton Chairman and CEO Curtis Myers. “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.”
Under the terms of the agreement, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. Based on Fulton’s share price of $17.96 as of Nov. 21, the transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock.
Fulton said the transaction will hasten its growth efforts in the attractive northern New Jersey market, with the transaction expected to be accretive to first full-year earnings by over 5 percent, immediately accretive to tangible book value per share and neutral to regulatory capital ratios at close.
“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,” Myers said.
The boards of directors of both Fulton and Blue Foundry have unanimously approved the definitive merger agreement, and the transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Blue Foundry’s stockholders.
Following the closing, 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 bank.
“Joining forces with Fulton is an exciting step forward for our employees, customers, and communities,” said James Nesci, president and CEO 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 make a $1.5 million contribution to the Fulton Forward® Foundation, designated to be used to provide impact grants in support of nonprofit community organizations in New Jersey.