Banking Move: Fulton Financial Expands Into NJ with $243M Blue Foundry Acquisition

New Jersey Banking Alert: Fulton Financial and Blue Foundry Bancorp Announce Major Merger

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the staff of the Ridgewood blog

Ridgewood NJ, The New Jersey banking landscape is officially shifting. Fulton Financial Corporation (Nasdaq: FULT) and Blue Foundry Bancorp (Nasdaq: BLFY) have announced a definitive merger agreement, marking a massive expansion for Fulton into the high-growth markets of Northern New Jersey.

Blue Foundry Bank opened in Ridgewood at 235 East Ridgewood Avenue in June of 2021.

This all-stock transaction, valued at approximately $243 million, signals a bold move for Lancaster-based Fulton as it solidifies its presence in the Garden State.

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The Deal at a Glance: What Shareholders Need to Know

Under the terms of the agreement, the merger is structured as follows:

• Exchange Ratio: Blue Foundry stockholders will receive 0.6500 shares of Fulton common stock for each share they own.

• Transaction Value: Based on recent market prices, the deal is valued at roughly $11.67 per share for Blue Foundry.

• Timeline: The merger has been unanimously approved by both boards and is expected to close in the second quarter of 2026, pending regulatory and shareholder approval.

• The Result: Blue Foundry Bank will officially merge into Fulton Bank, N.A.

Strategic Growth in Northern New Jersey

For Fulton Financial, this isn’t just a numbers game—it’s a geographic power play. Blue Foundry, headquartered in Rutherford, NJ, brings a deep-rooted presence in affluent and busy counties including Bergen, Essex, Hudson, and Morris.

“The expansion in northern New Jersey 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,” said Curtis J. Myers, Fulton Chairman and CEO.

What This Means for Customers and Communities

While the branding may change, both leadership teams emphasized a continued commitment to “personal banking.” Customers can expect:

• Expanded Resources: Access to Fulton’s robust wealth advisory and mortgage platforms.

• Increased Convenience: A larger ATM and branch network across the Mid-Atlantic.

• Community Support: As part of the deal, Fulton is contributing $1.5 million to the Fulton Forward® Foundation, specifically earmarked for New Jersey non-profits.

James D. Nesci, CEO of Blue Foundry, noted that the partnership allows the bank to “preserve local relationships” while gaining the technological and financial muscle of a $32 billion asset organization.

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Financial Impact & Advisors

The merger is designed to be a “win-win” for the balance sheet:

• Earnings: Expected to be over 5% accretive to the first full year of earnings.

• Efficiency: Immediately accretive to tangible book value per share.

The Power Players:

• For Fulton: Financial advice from Stephens Inc.; legal counsel by Holland & Knight LLP.

• For Blue Foundry: Financial advice from Piper Sandler & Co.; legal counsel by Luse Gorman, PC.

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