Form 4: Blue Foundry EVP Disposes Shares Post-Merger

Blue Foundry Bancorp's EVP and Chief Legal Officer, Elyse D. Beidner, reported the disposition of all common stock and stock options following the merger with Fulton Financial Corporation.

Summary

• Elyse D. Beidner, EVP and Chief Legal Officer of Blue Foundry Bancorp, reported the disposition of all her beneficial ownership in Blue Foundry Bancorp common stock and stock options.
• This disposition occurred on April 1, 2026, as a result of the merger between Blue Foundry Bancorp and Fulton Financial Corporation, which was formalized by an agreement dated November 24, 2025.
• Beidner disposed of 16,998 shares of common stock held directly, 20,000 shares held indirectly via a 401(k) plan, and 11,772 shares held indirectly via an ESOP.
• Additionally, 55,000 stock options with an exercise price of $11.69 were disposed of.
• Each outstanding share of Blue Foundry common stock was converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock, with cash paid in lieu of fractional shares.
• Stock options were cancelled and converted into a cash payment equal to the difference between the per share consideration price ($13.6435) and the option's exercise price, multiplied by the number of shares, less applicable taxes and withholdings.
• Following these transactions, Beidner beneficially owns 0 shares of Blue Foundry Bancorp common stock and 0 derivative securities.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral-to-positive event, as it signifies the successful completion of a merger, providing liquidity or new equity in the acquiring company to the reporting person. It's a procedural filing following a strategic corporate action.

Positives

• The completion of the merger indicates a successful strategic transaction for Blue Foundry Bancorp shareholders, converting their shares into Fulton Financial Corporation stock or cash.
• Stock options were converted into a cash payment, providing liquidity to the option holder.

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

The filing primarily reports a past transaction related to a completed merger. It does not contain forward-looking statements or guidance from Blue Foundry Bancorp, as the entity has been acquired.

Industry Context

StockSavvy.ai notes that this Form 4 filing is a standard post-merger disclosure, reflecting the finalization of the acquisition of Blue Foundry Bancorp by Fulton Financial Corporation. Such filings are common in the banking sector as consolidation continues, driven by economies of scale, market expansion, and regulatory pressures. The conversion of shares and options into the acquiring company's stock or cash is a typical mechanism for integrating acquired entities.

Comparison to Industry Standards

• This merger transaction, where Blue Foundry Bancorp shareholders received 0.650 shares of Fulton Financial Corporation common stock per share, aligns with common industry practices for bank acquisitions. Similar regional bank mergers often involve stock-for-stock exchanges, sometimes with a cash component, to facilitate integration and provide shareholders with continued equity exposure.
• The per-share consideration price of $13.6435 for option valuation is specific to this deal but reflects a standard method of cashing out outstanding equity incentives during an acquisition.

Stakeholder Impact

• Shareholders (Blue Foundry Bancorp): Received 0.650 shares of Fulton Financial Corporation common stock per share, plus cash for fractional shares, converting their investment into the acquiring entity.
• Employees (Blue Foundry Bancorp, including reporting person): Equity incentives (stock options) were cashed out, providing a financial benefit related to the merger.

Key Dates

Keywords

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