Fulton Bank acquires Blue Foundry Bank

Fulton Financial Corp., a banking entity with a strong regional presence, is set to integrate Blue Foundry Bancorp into its operations following the receipt of necessary regulatory approvals. The acquisition, valued at approximately $243 million, promises to increase Fulton’s footprint in northern New Jersey. Regulatory consent from the Federal Reserve and the Office of the Comptroller of the Currency, along with shareholder approval, has paved the way for the transaction's anticipated completion around April 1.

Under the approved acquisition terms, Fulton Financial will acquire Blue Foundry in an all-stock transaction. Blue Foundry’s shareholders will receive 0.6500 shares of Fulton common stock for each share of Blue Foundry stock they hold. Upon closing, Blue Foundry Bank will merge into Fulton Bank, ensuring continuity under the Fulton brand. The operational integration will be spearheaded by the surviving Fulton Bank, N.A., a key subsidiary of Lancaster-headquartered Fulton Financial Corp., which manages assets worth $32 billion and operates over 200 financial centers.

The strategic acquisition underscores Fulton’s ambitions to deepen its market penetration in New Jersey, aligning with its broader strategy to enhance organic growth across its business lines, including commercial, consumer, wealth advisory, and mortgage sectors. Curtis J. Myers, Chairman and CEO of Fulton, noted that the acquisition aligns with strategic objectives to fortify Fulton’s local market operations and drive expansion.

This transaction adds competitive pressure on regional banks as Fulton extends its reach. The expansion into northern New Jersey positions Fulton to better compete against other sizable financial institutions in the area and enhances its footing in a lucrative market. Blue Foundry, with its existing presence in multiple New Jersey counties, broadens Fulton's access to varied demographics and economic sectors.

The transaction awaits the fulfillment or waiving of customary closing conditions. As the consolidation nears completion, Fulton is poised to navigate the post-merger integration phase, which will be crucial in delivering anticipated synergies and improving market competitiveness. The acquisition could serve as a springboard for similar regional expansions as Fulton seeks further consolidation opportunities.