SKN | Fulton Financial to Acquire New Jersey’s Blue Foundry in $243 Million All-Stock Deal

Fulton Financial Corp. announced Monday that it will acquire New Jersey–based Blue Foundry Bancorp in a $243 million all-stock transaction. The deal expands Fulton’s presence across the Garden State and marks another significant step in the bank’s regional growth strategy following its acquisition of failed Republic First Bank’s assets last year.

Expanding Fulton’s Footprint in New Jersey

Lancaster, Pennsylvania–based Fulton, a $32 billion-asset bank, will gain 21 new branches across eight New Jersey counties through the acquisition of Blue Foundry, headquartered in Rutherford. The expansion adds scale in one of the most competitive banking markets in the region, strengthening Fulton’s reach across both northern and southern New Jersey.

Fulton entered the state more forcefully in 2024 after purchasing the assets of Republic First, which had branches in New Jersey and New York before its failure. The Blue Foundry transaction now extends Fulton’s reach into four of New Jersey’s most populous counties.

“The expansion in northern New Jersey aligns with our strategy of growing in our local markets,” Fulton CEO Curtis Myers said. He added that the deal will support organic growth across the bank’s commercial, consumer, wealth advisory, and mortgage businesses.

Deal Structure and Strategic Impact

Under the terms of the agreement, Blue Foundry shareholders will receive 0.65 shares of Fulton common stock for each Blue Foundry share. The transaction’s $243 million valuation is based on Fulton’s closing share price of $17.96 on Friday.

Fulton expects the acquisition to be immediately accretive to tangible book value per share and more than 5% accretive to earnings in the first full year after closing. The deal is projected to have a neutral impact on regulatory capital ratios, indicating limited capital strain on the combined institution.

Blue Foundry, a $2.15 billion-asset bank, has struggled financially in recent years, posting over $20 million in losses as a publicly traded institution. That troubled performance drew pressure from activist investor Larry Seidman, who pushed for a sale last year and welcomed Fulton as the buyer.

“It’s a good bank with good management,” Seidman said of Fulton. “Blue Foundry was horrible. They couldn’t make any money.”

Customer and Community Impact

Blue Foundry CEO James Nesci said the merger will preserve the local service customers expect while giving them access to expanded digital banking tools, loan products, and advisory services.

To support community engagement, Fulton will donate $1.5 million to its Fulton Forward Foundation, which provides impact grants to nonprofit organizations in New Jersey and other areas the bank serves.

Closing Timeline

The transaction has been unanimously approved by both boards and is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.

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