Fulton Financial Corporation received the final regulatory clearance to complete its all‑stock merger with Blue Foundry Bancorp on February 23 2026. The Federal Reserve Board granted approval on February 19, 2026, and the Office of the Comptroller of the Currency had previously cleared the transaction. Blue Foundry’s stockholders approved the deal on January 29, 2026, and the parties expect the merger to close on or around April 1, 2026, subject to customary closing conditions.
The transaction is valued at approximately $243 million, based on Fulton’s share price of $17.96 as of November 21, 2025, which translates to $11.67 per share of Blue Foundry common stock. The deal is projected to be accretive to Fulton’s earnings per share by more than 5% in the first full year after closing, immediately accretive to tangible book value per share, and neutral to regulatory capital ratios.
Blue Foundry Bancorp reported total assets of about $2.1 billion and total liabilities of roughly $1.7 billion as of December 2024, and posted a net loss of $2.7 million ($0.13 per diluted share) in the fourth quarter of 2024. In contrast, Fulton reported net income of $96.4 million ($0.53 per diluted share) and operating net income of $99.4 million ($0.55 per diluted share) in Q4 2025, and full‑year 2025 net income of $381.4 million ($2.08 per diluted share) and operating net income of $396.8 million ($2.16 per diluted share).
Strategically, the merger expands Fulton’s footprint in New Jersey and strengthens its presence in the Mid‑Atlantic region. The combined entity will benefit from complementary branch networks, a broadened commercial banking platform, and enhanced fee‑income opportunities, positioning Fulton to capture additional market share while maintaining capital discipline.
Integration will involve merging Blue Foundry Bank into Fulton Bank, with potential challenges related to systems conversion and operational alignment. The Federal Reserve Board and OCC approvals were contingent on the parties meeting specific conditions, though the fact‑check report does not detail those conditions. The transaction also includes a $1.5 million contribution to the Fulton Forward Foundation to fund community impact grants in New Jersey.
Curtis J. Myers, Fulton’s Chairman, CEO, and President, expressed pleasure with the stockholder support and regulatory approvals, stating, "These milestones bring us one step closer to uniting our organizations and deepening our impact across New Jersey." James D. Nesci, Blue Foundry’s President and CEO, previously noted in November 2025, "Joining forces with Fulton is an exciting step forward for our employees, customers and communities."
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