Form 4: Director Ely Sells BLFY Shares Post-Merger

Blue Foundry Bancorp Director James Christopher Ely reported the disposition of common stock and stock options following the merger with Fulton Financial Corporation.

Summary

• Director James Christopher Ely disposed of 68,149 shares of Blue Foundry Bancorp common stock.
• This disposition included 57,783 shares held directly and 10,366 shares held indirectly through an IRA.
• The shares were converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock per Blue Foundry Bancorp share, as per the Merger Agreement dated November 24, 2025.
• Ely also disposed of 106,959 stock options with an exercise price of $11.54.
• These options were cancelled and converted into a cash payment of $2.1035 per option (calculated as the $13.6435 per share consideration minus the $11.54 exercise price).
• The total cash received for the options was approximately $224,961.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive procedural filing, confirming the successful completion of the merger and the orderly disposition of insider holdings, which is a neutral to positive signal for the acquiring entity and former shareholders.

Positives

• The transactions are a result of a completed merger, indicating a successful corporate event for shareholders.
• The stock options were in-the-money, resulting in a cash payout for the director.

Negatives

• The director no longer holds shares or options in Blue Foundry Bancorp, indicating a complete exit from the company's equity.

Future Outlook

The filing primarily reports past transactions related to a completed merger and does not contain forward-looking statements or guidance regarding future operations or financial performance of either Blue Foundry Bancorp (now merged) or Fulton Financial Corporation.

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects the final stages of a typical financial institution merger, where insider holdings are converted or cashed out. Such transactions are common post-acquisition and indicate the integration process is proceeding as planned, aligning with broader consolidation trends in the banking sector.

Comparison to Industry Standards

• StockSavvy.ai observes that the conversion ratio of 0.650 shares of Fulton Financial Corporation common stock per Blue Foundry Bancorp share, and the cash-out terms for options, are specific to the negotiated merger agreement.
• Without the full merger documentation and market context at the time of the agreement, a direct comparison to industry benchmarks for similar bank mergers (e.g., recent regional bank acquisitions like M&T Bank's acquisition of People's United Financial or U.S. Bancorp's acquisition of MUFG Union Bank) is not fully possible from this filing alone.
• However, the fact that options were in-the-money suggests a favorable outcome for option holders relative to the exercise price.

Management Changes

Stakeholder Impact

• Shareholders (former BLFY): Received consideration (Fulton shares or cash in lieu of fractional shares) for their shares as per the merger agreement.
• Shareholders (Fulton Financial): The merger has been completed, potentially impacting future earnings and strategic direction.
• Employees (former BLFY): The merger likely has implications for employment, though not detailed in this filing.
• Director James Christopher Ely: Concluded his equity holdings in Blue Foundry Bancorp, receiving cash for options and Fulton shares (or cash equivalent) for common stock.

Next Steps

• The reporting person is no longer subject to Section 16 obligations for Blue Foundry Bancorp.
• Fulton Financial Corporation will continue its operations, integrating the acquired assets and liabilities of Blue Foundry Bancorp.

Key Dates

Keywords

Blue Foundry Bancorp, BLFY, Fulton Financial Corporation, Merger, Form 4, Insider Trading, Stock Options, Director, Equity Disposition, Financial Services