Fulton Financial Corporation (FULT) and Blue Foundry Bancorp (BLFY) have announced a merger agreement for an all-stock transaction.
Each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock, valued at approximately $243 million.
The merger accelerates Fulton's growth efforts in the northern New Jersey market and is expected to be accretive to earnings by over 5% in the first full year.
Merger Agreement Details
All-stock transaction with an exchange ratio of 0.6500 shares of Fulton for each Blue Foundry share, valuing the deal at $243 million.
Growth Acceleration
The merger enhances Fulton's presence in New Jersey and is projected to be immediately accretive to tangible book value per share.
Community Commitment
Fulton commits a $1.5 million contribution to the Fulton Forward Foundation to support nonprofit community organizations in New Jersey.
- The merger positions Fulton Financial Corporation for organic growth across various business segments in the local markets.
- It strengthens the combined entity's ability to provide innovative solutions and convenience for customers in the expanded market.
The merger between Fulton Financial Corporation and Blue Foundry Bancorp signifies a strategic move to drive growth, enhance customer service, and support local communities. It reflects a shared commitment to personalized banking and community impact.