Form 4: Director Jobes Reports BLFY Shares, Options Conversion Post-Merger

Blue Foundry Bancorp Director Elizabeth Varki Jobes reported the disposition of common stock and cancellation of stock options following the merger with Fulton Financial Corporation.

Summary

• Director Elizabeth Varki Jobes disposed of 21,502 shares of Blue Foundry Bancorp common stock on April 1, 2026.
• This disposition was due to the merger agreement where each BLFY common stock was converted into 0.650 shares of Fulton Financial Corporation common stock.
• Jobes also disposed of 48,133 stock options on March 30, 2026, which had an exercise price of $9.95 and were set to expire on January 2, 2034.
• These stock options were cancelled and converted into a cash payment based on a per share consideration price of $13.6435.
• The cash payment for each option was $3.6935 ($13.6435 $9.95).
• Following these transactions, Jobes holds 0 shares of common stock and 0 derivative securities in Blue Foundry Bancorp.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral-to-positive event for the reporting person, as it signifies the successful completion of a merger and the monetization of equity interests, including in-the-money options. It's expected given the merger context.

Positives

• The reporting person received cash for in-the-money stock options, indicating a positive outcome for those specific options.
• The merger completion implies a successful strategic transaction for Blue Foundry Bancorp shareholders.

Negatives

• The reporting person no longer holds direct equity or derivative interests in Blue Foundry Bancorp, indicating a complete divestment from the company.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects the final stages of a completed merger transaction, a common occurrence in the banking sector as smaller regional banks are acquired by larger institutions to achieve scale and market presence. Such transactions often lead to the conversion or cash-out of existing equity and equity-linked compensation for directors and officers of the acquired entity.

Comparison to Industry Standards

• The conversion ratio of 0.650 shares of Fulton Financial for each Blue Foundry share is a specific merger term, not directly comparable to a general industry standard without knowing the relative valuations and market conditions at the time of the merger agreement.
• The cash-out of in-the-money stock options at the merger consideration price less the exercise price is a standard practice in M&A transactions to ensure all equity stakeholders are treated equitably.

Stakeholder Impact

• Shareholders (Blue Foundry Bancorp): Received shares of Fulton Financial Corporation common stock or cash in lieu of fractional shares, indicating the completion of their investment in BLFY.
• Reporting Person (Elizabeth Varki Jobes): Monetized her equity and derivative holdings in Blue Foundry Bancorp, transitioning her investment into Fulton Financial Corporation shares (indirectly, through the conversion) and cash for options.

Key Dates

Recommendation

This Form 4 reports the finalization of a merger, meaning Blue Foundry Bancorp no longer exists as an independent entity. The transactions are a consequence of this event. For investors who held BLFY, their position would have converted to Fulton Financial Corporation shares. Therefore, a "hold" recommendation applies to the *new* position in Fulton Financial, as the BLFY stock is no longer traded. The filing itself doesn't provide new information to change a recommendation on Fulton Financial, but rather confirms the expected outcome for BLFY shareholders.

Keywords

Blue Foundry Bancorp, BLFY, Fulton Financial Corporation, Merger, Form 4, Insider Trading, Stock Options, Common Stock, Director, Elizabeth Varki Jobes, Beneficial Ownership