Lancaster, Pa.-based Fulton Financial Corporation announced on April 1 it has successfully completed the acquisition of Blue Foundry Bancorp, of Rutherford, N.J.
The acquisition positions Fulton to advance its growth plan and become a $34 billion financial services company.
“We are excited to welcome Blue Foundry Bank customers, employees and shareholders to the Fulton family! Completing the acquisition of Blue Foundry Bancorp marks an exciting milestone,” Curt Myers, Fulton Chairman, CEO and President, said. “I am proud of the collaboration between both organizations to ensure a seamless transition for Blue Foundry Bank customers as they join Fulton Bank later this year. Expanding our presence in New Jersey allows us to deepen our impact and continue changing lives for the better in the communities we serve.”
Blue Foundry Bank will operate as a separate, wholly owned subsidiary of Fulton until this summer, when Fulton will merge Blue Foundry Bank operations, systems and accounts into Fulton Bank, N.A. Until the merger and systems conversion occur, Blue Foundry Bank customers will see no change in their bank operations and locations.
As part of the acquisition, Fulton will make a $1.5 million contribution to the Fulton Forward Foundation, designated to provide impact gifts to the New Jersey nonprofit community. Fulton is a community banking organization providing services in Pennsylvania, Maryland, Delaware, New Jersey and Virginia.