Fulton Financial Corp. Expands into Northern New Jersey
Fulton Financial Corp. has announced its acquisition of Blue Foundry Bancorp in an all-stock transaction valued at $243 million. The deal, expected to close in the second quarter of 2026, marks a strategic move for the Lancaster, Pennsylvania-based Fulton Financial into the northern New Jersey market.
Strategic Growth in Local Markets
The acquisition of Blue Foundry Bancorp, a $2.15 billion-asset bank headquartered in Rutherford, New Jersey, will provide Fulton Financial with 21 additional branches in eight counties, including four of the state’s most populous. This expansion aligns with Fulton’s strategy of growing in its local markets and positions the company to drive organic growth across its commercial, consumer, wealth advisory, and mortgage businesses.
CEO Curtis Myers expressed enthusiasm about the merger, stating, “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.”
Financial Details and Investor Benefits
Under the terms of the agreement, Blue Foundry investors will receive 0.65 shares of Fulton common stock for each share they own. The transaction’s estimated $243 million value is based on Fulton’s $17.96 share price from Friday. Blue Foundry CEO James Nesci emphasized the benefits of the partnership, noting that it will preserve local relationships and personalized service while providing access to greater resources and solutions for customers.
The transaction is expected to be immediately accretive to tangible book value per share and accretive to first full-year earnings by over 5%. It is also projected to be neutral to regulatory capital ratios at close.
Community Impact and Corporate Social Responsibility
As part of the acquisition deal, Fulton Financial will make a $1.5 million donation to the Fulton Forward Foundation, which offers impact grants to nonprofit community organizations in New Jersey. This commitment to corporate social responsibility underscores Fulton’s dedication to supporting the communities it serves.
In recent years, Blue Foundry Bancorp, a publicly traded bank, reported over $20 million in losses. Activist investor Larry Seidman, who advocated for the bank’s sale, expressed confidence in Fulton’s ability to generate better results with Blue Foundry’s assets. Seidman highlighted Fulton’s strong management and track record compared to Blue Foundry’s financial struggles.
The acquisition of Blue Foundry Bancorp represents a significant milestone for Fulton Financial Corp. as it expands its presence in northern New Jersey and strengthens its position in the region’s banking industry.
For more information on the acquisition, you can visit here.
