Fulton Financial Corporation Successfully Finalizes Acquisition of Blue Foundry Bancorp

Fulton Financial Corporation Completes Acquisition of Blue Foundry Bancorp

Fulton Financial Corporation (NASDAQ: FULT) recently announced the completion of its acquisition of Blue Foundry Bancorp, formerly listed under NASDAQ as BLFY, based in Rutherford, New Jersey. This strategic move not only enhances Fulton’s position but also solidifies its growth strategy within the burgeoning New Jersey markets. Following the acquisition, Fulton Financial now boasts assets amounting to $34 billion.

Curt Myers, Chairman, CEO, and President of Fulton, expressed enthusiasm over welcoming the Blue Foundry Bank customers, employees, and shareholders to the Fulton family, indicating that this acquisition symbolizes a significant milestone for both organizations. He emphasized the collaborative effort behind the seamless transition for Blue Foundry Bank customers to Fulton Bank, which is expected to take place later this year. The expansion into New Jersey is a pivotal opportunity for Fulton to augment its impact and contribute positively to the communities it serves.

Blue Foundry Bank will initially operate as a wholly-owned subsidiary under the Fulton umbrella. Following the merger scheduled for this summer, Blue Foundry's operations and customer accounts will be integrated into Fulton Bank, N.A., (Fulton Bank). However, for the time being, customers of Blue Foundry Bank can continue their banking operations as usual, maintaining their current account functionalities at any Blue Foundry location until the systems are officially merged.

As part of the acquisition strategy, Fulton Financial has pledged a significant contribution of $1.5 million to the Fulton Forward® Foundation, which aims to assist nonprofit organizations within New Jersey through impactful grants, further demonstrating its commitment to community support in its operational areas.

Fulton Financial Corporation, headquartered in Lancaster, Pennsylvania, stands as a premier community banking institution. It provides a diverse array of financial services through its subsidiary bank, Fulton Bank, across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia, in addition to Blue Foundry Bank's operations in New Jersey. The organization aims to foster strong customer relationships, offer crucial community support, and empower its workforce of over 3,500 individuals to make positive community impacts. Through initiatives like Fulton Forward®, the company is committed to cultivating vibrant communities across its regions of influence.

The completion of this acquisition represents not just a corporate merger, but a strategy towards stronger community investment and enhanced customer service in New Jersey. By expanding its footprint in this key market, Fulton aims to ensure better financial services for a wider audience and strive for sustainable growth in its operations while empowering local communities. Further details regarding this transaction can be accessed in a Current Report on Form 8-K that Fulton plans to file with the U.S. Securities and Exchange Commission (SEC) simultaneously with this announcement.

Moreover, it is noteworthy that this communication includes forward-looking statements regarding Fulton's strategic plans following the acquisition of Blue Foundry. Such projections are predicated on current valuations and expectations relevant to both companies and may be influenced by numerous external factors that could lead to variances in projected outcomes. Future performance and projections will depend on various market conditions, operational integration success, and prevailing economic climates.

For continued updates and additional details about Fulton Financial and its operations, visit Fulton Bank's website.

About Availability of Information

Fulton Financial Corporation remains dedicated to providing transparent communications about its business operations and acquisitions. Shareholders and interested parties are encouraged to review Fulton's Annual Report on Form 10-K, accessible through the SEC's website at www.sec.gov, which details the condition and potential projections concerning the company’s future operations.

In conclusion, the successful acquisition of Blue Foundry Bancorp positions Fulton Financial Corporation for enhanced growth and further community engagement in New Jersey, aligning with its overarching mission of providing superior financial services and contributing positively to the neighborhoods it inhabits.