Form 4: Blue Foundry Bancorp Officer Converts Shares Post-Merger

SVP Chief Audit Officer Thomas Packwood converted Blue Foundry Bancorp shares and options into Fulton Financial Corporation stock and cash following the merger.

Summary

• Thomas Packwood, SVP Chief Audit Officer of Blue Foundry Bancorp, reported changes in beneficial ownership following the merger with Fulton Financial Corporation.
• A total of 27,841 shares of Blue Foundry Bancorp common stock (11,600 direct, 11,241 via ESOP, 5,000 via 401(k)) were converted.
• Each Blue Foundry Bancorp common stock share was converted into 0.650 shares of Fulton Financial Corporation common stock, with cash paid in lieu of fractional shares.
• 55,000 stock options with an exercise price of $11.69 were cancelled and converted into a cash payment.
• The cash payment for options was based on a per share consideration price of $13.6435, resulting in $1.9535 per option, totaling $107,442.50 before taxes and other withholdings.
• Following these transactions, Packwood holds no direct or indirect beneficial ownership in Blue Foundry Bancorp common stock or derivative securities.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive event for the reporting person, as it represents the expected completion of a merger transaction, resulting in a cash payout for options and conversion of shares into the acquiring entity's stock.

Positives

• The reporting person received cash for in-the-money stock options, indicating a positive financial outcome from the merger for those options.
• The conversion of Blue Foundry Bancorp shares into Fulton Financial Corporation shares provides continued equity exposure in the acquiring entity.

Negatives

• The reporting person no longer holds any direct or indirect beneficial ownership in Blue Foundry Bancorp, indicating the cessation of their equity stake in the acquired entity.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects the final stages of the merger between Blue Foundry Bancorp and Fulton Financial Corporation, a common occurrence in the banking sector as consolidation continues. Such transactions often lead to changes in executive compensation structures and equity holdings as acquired company executives transition or their equity is converted.

Stakeholder Impact

• Shareholders of Blue Foundry Bancorp (including the reporting person) have had their shares converted into Fulton Financial Corporation stock or cash, concluding their direct investment in BLFY.
• Employees holding stock options (like the reporting person) received cash payouts for their in-the-money options, providing a liquidity event.

Key Dates

Keywords

Blue Foundry Bancorp, BLFY, Fulton Financial Corporation, Merger, Form 4, Insider Trading, Stock Options, Equity Conversion, Officer Transaction, Financial Services, Banking