Form 4: Director Grimbilas Disposes BLFY Shares Post-Merger

Blue Foundry Bancorp Director Kenneth Grimbilas reported the disposition of common stock and stock options following the merger with Fulton Financial Corporation.

Summary

• Director Kenneth Grimbilas disposed of 59,848 shares of Blue Foundry Bancorp common stock directly owned.
• An additional 41,117 shares of Blue Foundry Bancorp common stock held indirectly via an IRA were also disposed of.
• 106,959 stock options with an exercise price of $11.54 were cancelled and converted into a cash payment.
• The cash payment for each option was calculated as the difference between the per share consideration price of $13.6435 and the exercise price of $11.54.
• These transactions occurred as a result of the merger between Blue Foundry Bancorp and Fulton Financial Corporation, effective April 1, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event for the reporting person, as it confirms the successful completion of a merger and the monetization of equity holdings, including in-the-money options. For the former company, it's a final administrative step.

Positives

• The reporting person received cash for their stock options, indicating a positive return on those options given the per share consideration price ($13.6435) was higher than the exercise price ($11.54).
• The merger completion provides liquidity for the reporting person's equity holdings in Blue Foundry Bancorp.

Negatives

• The reporting person no longer holds equity in Blue Foundry Bancorp, indicating a loss of direct exposure to the company's future performance.

Future Outlook

No specific future outlook or guidance is provided, as this Form 4 reports past transactions related to a completed merger.

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 after M&A activities, indicating the cessation of insider holdings in the acquired entity.

Comparison to Industry Standards

• The conversion ratio of 0.650 shares of Fulton Financial Corporation common stock per Blue Foundry Bancorp share is a specific term of the merger agreement, which would have been benchmarked against similar regional bank mergers at the time of the agreement (November 2025).
• The cash-out of in-the-money stock options at the difference between the merger consideration price ($13.6435) and the exercise price ($11.54) is a standard practice in M&A transactions to settle outstanding equity awards.

Stakeholder Impact

• Shareholders (of BLFY): Received consideration (Fulton stock and/or cash) for their shares as per the merger agreement.
• Reporting Person (Kenneth Grimbilas): Monetized his equity holdings and options in Blue Foundry Bancorp.

Key Dates

Keywords

Blue Foundry Bancorp, BLFY, Fulton Financial Corporation, Merger, Form 4, Insider Transaction, Stock Options, Common Stock, Director, Kenneth Grimbilas, Equity Disposition