The US Federal Reserve has permitted Fulton Financial Corporation, based in Lancaster, Pennsylvania, to acquire Blue Foundry Bancorp, a bank holding company located in Rutherford, New Jersey.
Earlier, the US Federal Reserve System approved a major banking merger involving Fifth Third Bancorp and Comerica Incorporated. The US Federal Reserve also approved the merger of Prosperity Bancshares, Inc., based in Houston, Texas, with Southwest Bancshares, Inc., a bank holding company headquartered in San Antonio.
Fulton will indirectly acquire Blue Foundry’s subsidiary bank, Blue Foundry Bank, a state nonmember bank in New Jersey. After the deal is completed, Fulton plans to initially operate Blue Foundry Bank as a separate bank. Later, it will merge Blue Foundry Bank into its own subsidiary national bank, Fulton Bank, N.A., based in Lancaster, Pennsylvania.
Fulton Financial has total consolidated assets of about $31.9 billion. It is currently the 74th largest insured depository organization in the United States. The company holds around $26.3 billion in consolidated deposits, which is less than 1 percent of total U.S. bank deposits.
Fulton controls Fulton Bank, which operates in Delaware, Maryland, New Jersey, Pennsylvania, and Virginia. In New Jersey, Fulton Bank is the 12th largest insured depository institution, with deposits of about $7.5 billion, representing around 1.7 percent of total deposits in the state.
About Blue Foundry Bancorp
Blue Foundry Bancorp has consolidated assets of about $2.1 billion and is the 528th largest insured depository organization in the United States. It holds approximately $1.5 billion in deposits, which is less than 1 percent of total U.S. bank deposits.
Blue Foundry controls Blue Foundry Bank, which operates in New Jersey. The bank is the 34th largest insured depository institution in the state, with deposits of about $1.5 billion, representing less than 1 percent of total deposits in New Jersey.
Impact of the Merger
If the transaction is completed, Fulton would become the 69th largest insured depository organization in the United States. Its consolidated assets would increase to approximately $34.0 billion, still representing less than 1 percent of total banking assets in the country.
