Blue Foundry Bancorp ( BLFY ) stock soared Monday after the company disclosed a merger deal with Fulton Financial Corporation ( FULT ) for roughly $243 million.

Details

As per the deal, Fulton will acquire Blue Foundry in an all-stock deal.

Each Blue Foundry share will be exchanged for 0.6500 Fulton shares. Based on Fulton’s November 21, 2025, share price of $17.96, the transaction is valued at $11.67 per Blue Foundry share.

As part of the deal, Fulton will contribute $1.5 million to the Fulton Forward Foundation to fund impact grants for nonprofit community organizations in New Jersey.

Synergies

The deal strengthens Fulton’s presence in the high-growth northern New Jersey market.

The merger is expected to boost first full-year earnings by over 5%, be immediately accretive to tangible book value per share, and remain neutral to regulatory capital ratios at closing.

Both Fulton’s and Blue Foundry’s boards have unanimously approved the merger, which is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.

Post closure, Blue Foundry Bank will merge into Fulton Bank, N.A., with Fulton Bank as the surviving entity.

Management Commentary

Curtis J. Myers, Fulton Chairman and CEO, said, “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.”

“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.”

As of September 30, Fulton’s cash and due from banks stood at $307.3 million.

Price Action: BLFY shares were trading higher by 39.33% to $11.03 at last check Monday.

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