Fulton Financial Corp. and Blue Foundry Bancorp have entered into a definitive merger agreement through which Fulton will acquire Blue Foundry in an all-stock transaction.

Under the terms of the agreement, each share of the N.J.-based Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock. The transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock, according to a release.

“We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer,” Curtis J. Myers, Fulton chairman and CEO, said in a statement. “The combination of our companies creates an opportunity to leverage Fulton’s robust banking services and provide greater convenie

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