Priya Jaiswal has spent her career dissecting bank balance sheets and the stories behind them. With a track record in market analysis, portfolio management, and international trends, she’s known for translating deal math and integration playbooks into plain English. In this conversation, she unpacks why a northern New Jersey foothold matters now, how an all‑stock structure shapes incentives, and what it will take to turn around a franchise that has posted more than $20 million in losses. We explore the valuation choices behind a $243 million price tag, the mechanics of earnings and tangible book accretion, and the gritty details of branches, systems, risk, and culture. Along the way, Priya shares lessons from the Republic First experience a year and a half ago, community impact priorities including a $1.5 million commitment, and the early-warning metrics that separate smooth integrations from messy ones.
What made Blue Foundry the right fit for Fulton now, and how did your Republic First experience 18 months ago shape this choice? Walk me through the decision steps, share the top three metrics you weighed, and add one anecdote from board discussions that tipped the scale.
Timing and adjacency drove it. After stepping into southern New Jersey via the Republic First acquisition, expanding into northern New Jersey knits the state together in a way that supports scale across commercial, consumer, wealth, and mortgage. The three metrics that would sit at the top of the page are addressable deposits and households in eight counties, the accretion profile—immediate tangible book value benefit and over 5% first full‑year earnings accretion—and integration risk indexed to a Q2 2026 close. The Republic First experience taught discipline on deposit stability under stress and the importance of day‑one customer continuity; those scars lead to sharper playbooks. I remember a boardroom moment—coffee going cold—where the group weighed whether Blue Foundry’s recent losses were a bug or a fixable feature. The comment that tipped the room was simple: “We’re not buying the past P&L; we’re buying a northern New Jersey platform of 21 branches we can run better.”
You’re entering northern New Jersey with 21 branches across eight counties, including four of the most populous. Which local segments are you targeting first, how will you sequence market entry by county, and what early-win examples from similar expansions can you share?
Start where density and familiarity intersect. Small and midsize business owners tied to local supply chains, mass‑affluent households looking for better digital plus in‑person service, and mortgage customers who value quick decisions are natural first targets. Sequence by anchoring in the four most populous counties for brand visibility, then radiate into the remaining counties with targeted outreach—think treasury solutions for established businesses and bundled checking‑savings‑mortgage offers for households. The early‑win pattern I’ve seen after a footprint expansion is simple: begin with relationship upgrades at legacy branches, bring in cash‑management specialists on weekly rotations, and host banker “open clinic” days; within weeks, you convert dormant accounts into active ones and reactivate pipeline conversations.
The deal is an all‑stock transaction valued at $243 million, with 0.65 Fulton shares per Blue Foundry share based on a $17.96 price. How did you vet valuation ranges, what sensitivities did you run on Fulton’s share price, and which peer comps or precedents guided you?
In an all‑stock construct, you live and die by relative value. You’d bracket scenarios around the $17.96 print to test dilution and accretion bands, then check that the 0.65 exchange ratio still keeps tangible book accretion intact under adverse moves. The range‑finding likely referenced recent thrift takeouts and transactions where the buyer was already present in‑state, plus the asset lift to a $32 billion-asset platform. The key is proving that earnings accretion over 5% survives reasonable shocks to the buyer’s stock and that the consideration aligns both sides for Q2 2026 execution.
Blue Foundry has $2.15 billion in assets and has posted over $20 million in losses recently. What specific levers will reverse that trend, which products or lines get fixed first, and can you share target run-rate metrics and a timeline for break-even by segment?
The levers are cost discipline, deposit remix, and credit‑tuned growth. First, simplify the operating model across those 21 branches to reduce frictional costs; second, deepen core deposits with small‑business checking and relationship savings; third, refocus origination toward better‑priced commercial and mortgage credits with tighter risk screens. Break‑even arrives quickest in deposit‑rich branches once you overlay treasury services, then in mortgage once pipelines are rebuilt under a unified underwriting box. Given the deal expects first full‑year earnings accretion, you’d sequence fixes so branches reach run‑rate stability ahead of that window, with commercial and consumer lines following shortly after.
You expect earnings accretion of over 5% in the first full year and immediate tangible book value accretion. What are the drivers behind that math, how much is cost saves versus revenue lift, and can you outline the step-by-step path to realize those gains?
The math flows from eliminating duplicative costs, stabilizing funding, and bringing higher‑yield products into the acquired book. Cost saves begin with vendor rationalization and branch process standardization, while revenue lift comes from cross‑selling commercial services, wealth advisory, and mortgage. Step one is mapping products and fees pre‑close; step two is a day‑one pricing and fee alignment; step three is targeted calling programs in the most populous counties; step four is migrating customers to digital tools that improve engagement and lower service costs. The glide path is front‑loaded on efficiency, then sustained by relationship growth.
You’ve said this aligns with growing across commercial, consumer, wealth, and mortgage. Which two businesses get the fastest lift in northern New Jersey, what cross-sell pathways will you use, and can you share conversion rates or attach-rate goals from prior deals?
Commercial and mortgage should move first. Commercial benefits from pent‑up demand among owner‑operated firms that want local decisions backed by a larger platform, while mortgage gains from brand recognition across four of the state’s most populous counties. Cross‑sell pathways pair business checking with treasury and merchant services, and tie mortgage pre‑approvals to consumer checking and savings. From prior integrations, the most reliable pattern was that bundled offers, presented by a single relationship lead, lifted product depth per household and per business without asking customers to relearn how to bank.
How will you handle branch overlaps and staffing across those 21 locations, what criteria decide consolidation or investment, and can you share an example of a branch you’d upgrade versus streamline, with the metrics that lead to each call?
You start with customer access, not a red pen. Branches in high‑traffic corridors of the most populous counties get investment in advisory space and on‑site specialists; locations with limited foot traffic but strong digital usage shift to lighter formats. An upgrade candidate is a branch that attracts small‑business deposits and sees steady mortgage referrals; you add cash‑management capability and wealth hours. A streamline candidate is one with overlapping coverage and low engagement; you protect the customers by moving bankers with them and preserve community presence through extended ATM and digital outreach.
What lessons from integrating Republic First will you apply here, which playbook pages repeat, and which will you rewrite? Walk through your first 90 days post-close, including systems, risk, and customer communications, with any anecdotes from prior conversions.
The enduring lesson was over‑communication. Repeat pages include early identification of product gaps, warm handoffs to relationship managers, and a clear calendar of changes. Rewrites center on simplifying customer letters and tightening the cadence between systems work and branch coaching. In the first month, you stabilize service and keep hours steady; the second month, you execute targeted product migrations; the third month, you complete clean‑up, audit controls, and celebrate community wins. I still remember a conversion morning when a teller greeted regulars by name while the tech team quietly cut over in the background—that human calm is half the battle.
On technology and data, how will you merge core systems, digital banking, and analytics, and what milestones set the pace? Give a step-by-step of day-one readiness, weekend conversion plans, and the KPIs you will monitor in the first 30, 60, and 90 days.
Core and digital must move in lockstep with a shared customer‑data backbone. Day one readiness means dual‑running key feeds, testing debit and online access, and loading banker desktops with unified customer views. The cutover weekend is sequenced: freeze nonessential changes, migrate core, validate debit and online sessions, open a command center, and deploy roving troubleshooters to branches. In the first month, watch login success, call‑center wait times, and branch transaction completion; the next month, track digital adoption and product activations; by the third, focus on attrition, complaint themes, and cross‑sell momentum.
You expect neutral regulatory capital ratios at close by Q2 2026. What buffers and contingencies are you keeping, how do you model rate and credit shocks, and which capital actions are on the table if markets move against you?
Neutral at close signals confidence in absorption capacity. Buffers include conservative marks, integration reserves, and disciplined growth pacing. Shocks are modeled through parallel rate moves and stressed loss content across acquired portfolios, with overlays to reflect local conditions in northern New Jersey. If markets turn, actions include moderating balance‑sheet growth, tilting originations toward lower‑capital products, and sequencing discretionary investments without sacrificing core service.
Larry Seidman argued Fulton can drive better results with Blue Foundry’s assets. Which underused assets or customer pools will you activate first, what operational fixes unlock value, and can you share a before-and-after metric example from a similar turnaround?
Underused assets often hide in the deposit base and branch real estate. Activating small‑business relationships with better treasury tools and putting advisory talent in high‑potential branches creates immediate lift. Operationally, standardizing underwriting and speeding decisions unlocks capacity. In a similar turnaround, once the buyer installed a consistent pricing grid and staffed a couple of branches with seasoned relationship managers, the mix shifted toward relationship deposits and higher‑quality loans, and complaints dropped noticeably—proof that process and people can move the needle quickly.
Customers value local relationships and personalized service. How will you preserve that while scaling Fulton’s platform, what training or tools will bankers get, and can you share a story of how a local team drove growth post-integration in another market?
You preserve local feel by empowering bankers with better tools, not scripts. Training focuses on needs‑based conversations, and tools include a unified customer view so bankers recognize moments that matter. In one market post‑integration, a branch team organized neighborhood workshops on cash‑flow basics and homebuying; they paired those sessions with on‑the‑spot appointments. The combination of community presence and faster follow‑through turned casual visitors into multi‑product relationships without losing the hometown tone.
Community impact includes a $1.5 million gift to the Fulton Forward Foundation for New Jersey nonprofits. How will you prioritize grants, what outcomes will you track, and can you share a past grant example that delivered measurable results within 12 months?
Prioritize by anchoring to workforce readiness, small‑business support, and financial wellness in the counties you’re entering. Outcomes to track include program completion, job placements, and new business formations tied to mentorship or micro‑grants. A past example that worked within a year brought together a community lender and a local nonprofit to deliver coaching plus seed funding; the visible result was a pipeline of entrepreneurs opening accounts and hiring neighbors. The lesson is simple: pair dollars with banker time, and measure lives changed alongside balances.
Credit quality in a new market can surprise acquirers. What due diligence findings shaped your risk appetite, how will you monitor inherited portfolios, and which early-warning metrics or heat maps will your risk teams review weekly?
Due diligence should have zeroed in on concentration pockets and recent loss drivers tied to those over $20 million in losses. Post‑close, segment the book by product, geography across eight counties, and borrower type, then set guardrails on growth while you learn. Weekly, review migration in risk ratings, exceptions, and past‑due trends, paired with deposit runoff by branch. Heat maps that blend credit signals with local economic indicators help you pivot before small ripples become waves.
Walk me through your stakeholder plan: employees, customers, regulators, and investors. What will each group hear and when, how will you measure trust and retention, and can you share the playbook you’ll use if any group’s sentiment trends negative?
Employees need early clarity on roles, training timelines, and career paths; customers need plain‑language letters and steady access; regulators want disciplined plans aligned to a Q2 2026 close; investors expect proof that immediate tangible book accretion and first full‑year earnings accretion over 5% are on track. Trust is measured through employee pulse checks, customer call‑back loops, complaint themes, and investor engagement. If sentiment slips, you slow changes, deploy senior leaders to frontline conversations, and publish progress updates with concrete steps. The playbook is consistency: show up, listen hard, fix fast.
What is your forecast for bank M&A?
Selective and strategic. Deals that extend contiguous markets—like moving from southern to northern New Jersey—will dominate over splashy leaps. All‑stock transactions that protect tangible book and deliver visible first‑year earnings accretion will get done, especially where operational fixes can flip a loss‑making franchise. The clincher will be execution credibility: buyers who can point to clean integrations and community investments, like a $1.5 million foundation commitment, will have the edge.
