BLFY Jumps as All-Stock Merger with Fulton Aims to Expand Footprint in New Jersey
All-Stock Deal Values BLFY at $11.67 per Share—Growth in Northern New Jersey in Focus
Blue Foundry Bancorp (NASDAQ: BLFY) surged on the announcement of its acquisition by Fulton Financial Corporation (NASDAQ: FULT) in an all-stock transaction valued at roughly $243 million. The deal, which pegs BLFY at $11.67 per share, will see each share of BLFY converted into 0.65 shares of FULT based on Fulton’s closing price of $17.96 as of November 21, 2025. The transaction is expected to accelerate Fulton’s growth in the highly attractive northern New Jersey banking market, bolstering its local footprint and service offerings.
Merger Expected to Boost Fulton’s Earnings and Tangible Book Value
According to company leadership, the transaction is projected to be over 5% accretive to Fulton’s first full-year earnings, immediately accretive to tangible book value per share, and neutral to regulatory capital ratios upon closing. For Blue Foundry shareholders, the structure delivers value that’s close to current market prices while opening access to Fulton’s broader portfolio of financial products, commercial lending, and advisory services.
Deal Structure and Financial Highlights
| Item | Detail |
|---|---|
| Acquirer | Fulton Financial Corporation (FULT) |
| Target | Blue Foundry Bancorp (BLFY) |
| Transaction Type | All-Stock Merger |
| BLFY Exchange Ratio | 0.65 shares of FULT per BLFY share |
| Implied Value per BLFY Share | $11.67 |
| Total Deal Value | Approximately $243 million |
| Expected Close | Q2 2026 (pending approvals) |
| Strategic Region | Northern New Jersey |
Community Focus and Integration: Local Service to Continue
Both management teams emphasized their commitment to maintaining community roots, personalized customer service, and support for local organizations. In conjunction with the deal, Fulton will make a $1.5 million donation to its Fulton Forward® Foundation to fund nonprofit impact grants in New Jersey. After the merger, Blue Foundry Bank will be integrated into Fulton Bank, ensuring continuity for clients and expanding the breadth of services offered.
Leadership Insights: Access to More Resources and Opportunities
Fulton CEO Curtis J. Myers stated the merger will create “an opportunity to leverage Fulton's robust banking services and provide greater convenience and innovative solutions to an expanded customer base,” while Blue Foundry CEO James D. Nesci called the deal “an exciting step forward,” providing employees and customers with expanded resources but preserving their local focus.
Key Considerations and Timeline: Approvals Pending, Focus on Execution Risks
The boards of both companies have unanimously approved the transaction, which now awaits shareholder and regulatory approval. The anticipated closing in the second quarter of 2026 hinges on successful integration, the maintenance of regulatory capital ratios, and delivery of projected cost and revenue synergies. While both parties express confidence, as with any bank merger, risks remain—including integration challenges and market conditions that could affect anticipated benefits.
Takeaway: What Should Investors Watch?
The BLFY-Fulton deal is notable for its focus on strategic expansion and projected earnings benefits rather than just scale. Investors will want to monitor the approval process and watch for updates on the realization of projected synergies, local community support, and customer retention post-merger. As consolidation reshapes regional banking, this transaction stands out for its clear regional strategy and stakeholder-focused execution plan.
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