Fulton, Blue Foundry Announce All-Stock Merger Valued At $243 Million

The companies said that under the deal terms, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock.

Blue Foundry Bancorp (BLFY) and Fulton Financial Corp (FULT) announced that they have entered into a definitive merger agreement wherein Fulton will acquire Blue Foundry in an all-stock transaction.

The companies said that under the terms of the deal, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. According to Fulton's share price of $17.96 as of November 21, the transaction is valued at about $243 million, or $11.67 per share of Blue Foundry common stock.

Fulton said the transaction is expected to be accretive to first full-year earnings by over 5% and to be immediately accretive to tangible book value per share.

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