Fulton, Blue Foundry banks to merge in $243M deal

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Regional institutions Fulton Financial Corp. and Blue Foundry Bancorp are pursuing a merger.

Under the agreement, the Fulton Bank parent will acquire the Rutherford, New Jersey-based Blue Foundry Bank organization in an all-stock transaction. Announced Nov. 24, the transaction carries a value of approximately $243 million, based on Fulton’s share prices of $17.96, as of Nov. 21, or $11.67 per share of Blue Foundry common stock.

The move accelerates Lancaster, Pennsylvania-based Fulton’s growth efforts. Fulton, which operates branches and ATMs across Maryland, said it expects the transaction 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 close.

Terms of the agreement dictate each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. The boards of directors of both financial institutions unanimously approved the definitive merger agreement, Fulton said.

The deal expects to close in the second quarter of 2026, subject to customary closing conditions. After completion, Blue Foundry Bank, the wholly owned subsidiary of Blue Foundry, will merge into Fulton Bank NA, the surviving bank and wholly owned subsidiary of Fulton.

“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 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,” Meyers continued. “The expansion … 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.”

In April 2024, Fulton expanded with its acquisition of Republic First Bank. That target had been the subject of a lengthy proxy fight involving a group headed by South Jersey businessman George Norcross III. This past September, the Norcross-Braca Group – also comprising Gregory Braca and Philip Norcross – filed an objection to the proposed settlement agreement between the former parent company, Republic First Bancorp Inc., and the Federal Deposit Insurance Co.

Since shuttering several Republic Bank locations following that acquisition, Fulton boasts a footprint spanning Pennsylvania, Maryland, Delaware, Virginia and New Jersey with 212 total offices.

Blue Foundry President and CEO James Nesci called the move “an exciting step forward.”

“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,” he added.

As part of the deal, Fulton said it will make a $1.5 million contribution to the Fulton Forward Foundation. The organization said that funding is designated for impact grants to support nonprofit community organizations in New Jersey.