Blue Foundry Bancorp (BLFY)

Blue Foundry Bancorp was the holding company for Blue Foundry Bank, a New Jersey savings institution headquartered in Rutherford. The bank was established in 1939 and operated for most of its history as Boiling Springs Savings Bank, a mutual institution. In July 2019 the organization changed its public name to Blue Foundry as part of a plan to modernize the franchise and prepare for conversion to a stock company.

Blue Foundry Bank served individuals and businesses in northern and central New Jersey through a network of roughly 20 branches. Its deposit products included checking, savings, money market and certificate accounts. On the lending side it made one-to-four family residential mortgages, multifamily and commercial real estate loans, construction loans, commercial and industrial loans, and home equity loans and lines of credit.

The holding company completed its mutual-to-stock conversion and initial public offering in July 2021, and its shares began trading on the Nasdaq Global Select Market under the symbol BLFY. The offering raised capital that supported a multiyear effort to reshape the balance sheet, add commercial bankers, and invest in technology. Like many thrift holding companies, it focused on improving profitability and its efficiency ratio after the conversion.

The company's results were affected by the higher interest rate environment of 2022 and 2023, which pressured net interest margin as deposit costs rose faster than asset yields. Management responded by repositioning securities and loan portfolios, growing core deposits, and shifting the loan mix toward commercial lending. These conditions, along with the cost of operating a small public bank, were part of the context for consolidation in regional banking.

Fulton Financial Corporation, a bank holding company based in Lancaster, Pennsylvania, whose stock trades on Nasdaq under the symbol FULT, agreed to acquire Blue Foundry Bancorp in a merger. The transaction brought Fulton's New Jersey presence to a larger scale and, according to Fulton, brought its total assets to about $34 billion.

The merger was completed on April 1, 2026. Blue Foundry Bancorp's common stock stopped trading on Nasdaq and a Form 25 was filed on that date to remove it from listing. Fulton stated that Blue Foundry Bank would operate as a separate wholly owned subsidiary until the summer of 2026, when its systems and accounts would be merged into Fulton Bank, N.A., and that customers could continue using Blue Foundry branches in the meantime.

For shareholders, the merger ended their holdings in a stand-alone Nasdaq-listed thrift holding company and converted them into consideration tied to Fulton, as set out in the merger agreement and the related Form 8-K. The Form 25 became effective ten days after filing, completing the formal removal of BLFY from the exchange.