Form 4: Blue Foundry Bancorp EVP Disposes Shares Post-Merger

Blue Foundry Bancorp's EVP and Chief Tech Officer, Aleksandr Malkiman, disposed of common stock and had stock options cancelled following the merger with Fulton Financial Corporation.

Summary

• Aleksandr Malkiman, EVP and Chief Tech Officer of Blue Foundry Bancorp, reported changes in beneficial ownership following the merger with Fulton Financial Corporation.
• On April 1, 2026, Malkiman disposed of 17,723 shares of Common Stock directly and 6,278 shares indirectly through an ESOP.
• These dispositions were pursuant to the Agreement and Plan of Merger dated November 24, 2025, where each Blue Foundry Bancorp common stock share was converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock.
• On March 30, 2026, 68,800 stock options with an exercise price of $11.69 were cancelled.
• These options were converted into a cash payment equal to the difference between the per share consideration price ($13.6435) and the exercise price, multiplied by the number of shares subject to the option, resulting in a cash payment of $134,322.80.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a standard post-merger transaction for an executive, reflecting the successful completion of the acquisition and the executive's realization of value from their equity compensation. It is a neutral event for the market, as the merger was previously announced.

Positives

• The executive received a cash payment of $134,322.80 for the cancellation of 68,800 stock options, indicating a profitable outcome for the option holder from the merger.
• The merger successfully completed, leading to the conversion of Blue Foundry Bancorp shares into Fulton Financial Corporation shares for shareholders.

Negatives

• The executive no longer holds direct or indirect beneficial ownership of Blue Foundry Bancorp common stock or derivative securities following the merger.

Future Outlook

This filing, a Form 4, reports a completed insider transaction and does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

StockSavvy.ai notes this is a standard post-merger transaction for an executive whose company has been acquired. The conversion of equity holdings (common stock and stock options) into the acquiring company's shares or cash is a typical outcome outlined in merger agreements, reflecting the integration of the acquired entity.

Stakeholder Impact

• Shareholders of Blue Foundry Bancorp received shares of Fulton Financial Corporation common stock (or cash in lieu of fractional shares) as per the merger agreement.
• The reporting executive, Aleksandr Malkiman, received a cash payment for his stock options and had his common stock converted into the acquiring company's shares.

Key Dates

Keywords

Blue Foundry Bancorp, BLFY, Fulton Financial Corporation, Merger, Form 4, Insider Transaction, Stock Options, Executive Compensation, Aleksandr Malkiman