Fulton Financial in Lancaster, Pennsylvania, has agreed to buy Blue Foundry Bancorp in Rutherford, New Jersey. The $32 billion-asset Fulton said in a press release that it will pay $243 million in stock for the $2.2 billion-asset Blue Foundry. The deal, which is expected to close in the second quarter, priced Blue Foundry at 77% of its tangible book value.
CBS Banc-Corp. in Russellville, Alabama, has agreed to buy TAG Bancshares in Trenton, Georgia. CBS, the parent of the $2.8 billion-asset CB&S Bank, will pay a cash consideration for the holding company of the $129 million-asset Citizens Bank & Trust, according to an announcement by Olsen Palmer, which advised the seller.
Pinnacle Financial in Elberton, Georgia, has agreed to buy Morris State Bancshares in Dublin, Georgia. The $2.2 billion-asset Pinnacle said in a press release that it will exchange 0.1095 shares of its stock for each share of the $1.5 million-asset Morris. The deal is expected to close by early in the second quarter.
Green Dot in Provo, Utah, is splitting up to sell to CommerceOne Financial in Birmingham, Alabama, and Smith Ventures. The fintech said in a press release that the $835 million-asset CommerceOne will buy its bank and related assets and emerge as a new publicly traded company. Smith Ventures will buy and privatize Green Dot’s nonbank fintech assets and operations. The bank will serve as the fintech’s issuing bank under a seven-year contract.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
