Fulton Financial Corporation and Rutherford-based Blue Foundry Bancorp on Monday announced they have entered into a definitive merger agreement in an all-stock transaction valued at approximately $243 million. The acquisition aims to significantly expand Fulton’s footprint in the attractive northern New Jersey market.
Under the terms of the agreement, approved unanimously by both boards of directors, 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, the deal values Blue Foundry common stock at $11.67 per share.
The merger is a key step in Fulton’s strategy to accelerate growth in New Jersey. Financially, the transaction is expected to be accretive to first full-year earnings by over 5% and immediately accretive to tangible book value per share, while remaining neutral to regulatory capital ratios at closing.
Upon completion, Blue Foundry Bank, the subsidiary of Blue Foundry Bancorp, will merge into Fulton Bank, N.A., with Fulton Bank as the surviving entity. The transaction is subject to customary closing conditions, including regulatory and Blue Foundry stockholder approvals, and is expected to close in the second quarter of 2026.
Curtis Myers, Fulton chairman and CEO, emphasized the shared community focus of the two institutions. “We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer,” Myers stated. He added that the merger will allow Fulton to leverage its robust services to provide greater convenience and solutions to an expanded customer base.
James Nesci, president and CEO of Blue Foundry, highlighted the benefits for their stakeholders, noting the partnership will “preserve the local relationships and personalized service our customers value, while gaining access to greater resources and providing more solutions and convenience.”
Fulton also committed to the local community, announcing a $1.5 million contribution to the Fulton Forward® Foundation. This funding is designated to provide impact grants to support nonprofit community organizations across New Jersey.
Fulton Financial Corporation, headquartered in Lancaster, Pa., is a $32 billion asset financial holding company with operations across Pennsylvania, Maryland, Delaware, New Jersey and Virginia.
