LANCASTER, Pa. and RUTHERFORD, N.J., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Fulton Financial Corporation (Nasdaq: FULT) (“Fulton”) and Blue Foundry Bancorp (Nasdaq: BLFY) (“Blue Foundry”) today jointly announced the receipt of all required regulatory approvals for the previously announced all-stock transaction pursuant to which Fulton will acquire Blue Foundry. Regulatory approvals have been granted by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. Blue Fo ...

Core Viewpoint - The discussion highlights the impressive recovery and growth trajectory of the bank following its merger with IBERIABANK and the subsequent challenges faced by TD, emphasizing the bank's commitment to reinvestment and solid growth [1] Group 1: Franchise Development - The bank has successfully navigated challenges over the past couple of years, particularly post-merger with IBERIABANK [1] - Investors have expressed admiration for the bank's efforts to stabilize and grow its operations after facing difficulties [1] - The current state of the franchise reflects a significant improvement compared to one or two years ago, showcasing a solid growth footing [1]

Core Insights - Huntington Bancshares has successfully completed its merger with Cadence Bank, enhancing its market position in Texas and Mississippi [1][2][3] - The merger positions Huntington as the eighth-largest bank in Texas and the leading bank in Mississippi by deposit market share [2][3] - The combined entity now holds approximately $279 billion in assets, $221 billion in deposits, and $187 billion in loans as of December 31, 2025 [3] Company Growth and Strategy - The merger is seen as a strategic partnership that will accelerate Huntington's growth initiatives in high-growth markets across Texas and the South [2][3] - Huntington plans to maintain Cadence's existing branch network of 390 locations without closures and aims to invest in its growth over time [3][6] - The integration of Cadence's customers into Huntington's systems is expected to occur in mid-2026, with detailed information to be provided to customers in the coming weeks [6] Board of Directors Changes - Following the acquisition, Huntington's Board of Directors has appointed three new members, all former directors of Cadence Bank [4][5][6] - The new board members include James D. "Dan" Rollins III, Virginia Hepner, and Alice Rodriguez, each bringing extensive banking and leadership experience [4][5][6] - The addition of these directors is expected to complement Huntington's existing board and support its strategic vision [6] Company Overview - Huntington Bancshares is a regional bank holding company with $279 billion in assets, headquartered in Columbus, Ohio [7] - The company provides a comprehensive suite of banking, payments, wealth management, and risk management products and services [7] - Huntington operates nearly 1,400 branches across 21 states, enhancing its geographical reach and service capabilities [7]

Core Viewpoint - The merger between Fifth Third Bancorp and Comerica Incorporated has received all necessary regulatory and shareholder approvals, with the transaction expected to close on February 1, 2026, creating the ninth largest U.S. bank with $290 billion in assets [1][2]. Group 1: Merger Details - The merger will combine Fifth Third and Comerica, resulting in a stronger, more diversified bank with a significant presence in key U.S. markets, including the Midwest, Southeast, Texas, and California [2]. - Integration teams are actively working to ensure a smooth transition for employees and customers, with full system and brand conversions anticipated later this year [3]. - The combined entity will leverage its expanded footprint and complementary strengths to deliver exceptional value to customers, with expected annual revenue synergies exceeding $500 million [4]. Group 2: Company Backgrounds - Fifth Third Bancorp has a long history of innovation in financial services, having been established in 1858, and is recognized for its ethical practices [5]. - Comerica, founded in 1849, operates across 15 states and focuses on building relationships through its Commercial Bank, Retail Bank, and Wealth Management segments, reporting total assets of $77.4 billion as of September 30, 2025 [7].

Core Viewpoint - Fifth Third Bancorp and Comerica received near-unanimous shareholder approval for their proposed $10.9 billion merger, despite opposition from an activist investor [1][2][11] Shareholder Approval - Approximately 99.7% of Fifth Third shareholders and 97% of Comerica shareholders voted in favor of the merger, which Fifth Third CEO Tim Spence described as "an important milestone" [2] - The merger is expected to create a $288 billion-asset institution with operations across the Midwest, Texas, and a growing presence in the Southeast [4] Regulatory Approvals - The Office of the Comptroller of the Currency approved the merger last month, and the Texas Department of Banking granted approval on January 2 [3] - The banks are still awaiting approval from the Federal Reserve Board, with Spence expressing confidence in closing the acquisition by the first quarter of 2026 [2][11] Legal Challenges - HoldCo Asset Management, an activist investor, is suing to stop the merger, claiming the sales process was flawed and that Comerica did not adequately negotiate with potential buyers [7][8] - The lawsuit follows HoldCo's pressure on Comerica to pursue a sale, and the activist investor is seeking to use discovery materials to support its claims [8][14] Market Reaction - Following the announcement of the merger, Fifth Third's stock increased by over 12%, while Comerica's stock rose by more than 30% [9] Advisory Firm Recommendations - Proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended shareholder approval, stating the deal makes strategic and financial sense [4][15] - Both firms acknowledged HoldCo's role in urging Comerica to explore a sale and influencing the release of additional disclosures about the merger [15][16]

Core Viewpoint - Synovus Financial has successfully merged with Pinnacle Financial Partners in an all-stock deal valued at $8.6 billion, aiming to create the highest-performing regional bank in the Southeast [1][6] Group 1: Merger Details - The merger was announced in July and has resulted in a combined holding company with $117.2 billion in assets, $95.7 billion in deposits, and $80.4 billion in loans as of September 30 [1] - The new holding company will be headquartered in Atlanta, Georgia, while the bank's operations will be based in Nashville, Tennessee, with plans to consolidate under the Pinnacle brand by early 2027 [2] Group 2: Shareholder Structure - The merger involved a fixed exchange ratio of 0.5237 Synovus shares for each Pinnacle share, translating to a Synovus share value of $61.18, resulting in Synovus shareholders owning approximately 48.5% and Pinnacle shareholders about 51.5% of the merged entity [3] Group 3: Leadership and Vision - Kevin Blair, the former CEO of Synovus, is now the president and CEO of the merged group, while Terry Turner, the former CEO of Pinnacle, chairs the board [4] - The leadership team aims to position the merged entity as the fastest-growing and most profitable regional bank in the nation, emphasizing the importance of long-term relationships and purposeful growth [5]

Core Viewpoint - OceanFirst Financial Corp. and Flushing Financial Corp. have entered into a definitive merger agreement to create a regional bank with $23 billion in assets, enhancing profitability metrics significantly by 2027 [1] Group 1: Merger Details - The merger will be an all-stock transaction between OceanFirst and Flushing Financial [1] - The combined entity will be strategically located in attractive markets including New Jersey, Long Island, and New York [1] Group 2: Financial Impact - The merger is expected to enhance profitability metrics with an estimated EPS accretion of 16% [1] - Projected financial metrics include a ROATCE of 13% and a ROAA of 1.00% by 2027 [1] Group 3: Capital Raise - A $225 million equity raise has been fully committed at a fixed price after extensive due diligence by Warburg Pincus [1]

Core Viewpoint - Comerica is undergoing a merger process with Fifth Third Bancorp, which has been accelerated due to pressure from activist investor HoldCo Asset Management, leading to a lawsuit that demands more transparency regarding the merger negotiations [1][3][7]. Group 1: Merger Negotiations - Comerica rejected an earlier acquisition offer from Regions Financial, which was lower than Fifth Third's proposal and would have taken longer to execute [2][11]. - The merger with Fifth Third is valued at $10.9 billion, making it the largest bank acquisition announced in 2025 [8]. - Comerica's board evaluated potential merger partners, ultimately determining that Fifth Third would be the optimal choice if they made a proposal that appropriately valued Comerica [15]. Group 2: Activist Investor Influence - HoldCo Asset Management's lawsuit alleges that Comerica is withholding information about the merger process and could have secured a better deal [3][4]. - The lawsuit has compelled Comerica to provide additional disclosures, including board materials and communications related to the merger [7][23]. - HoldCo plans to vote against the merger at the upcoming shareholder meeting, citing an "unacceptable" negotiation process [24]. Group 3: Deal Structure and Terms - Comerica's CEO, Curt Farmer, will serve as vice chair of the combined entity for up to two years, with an annual compensation of $8.75 million [20]. - The merger agreement includes the appointment of three Comerica board members to the Fifth Third board upon closing [21]. - The deal is pending approval from shareholders and regulatory bodies, including the Federal Reserve Board and the Texas Department of Banking [22][23].

Core Viewpoint - Associated Banc-Corp (ASB) has entered into a definitive merger agreement to acquire American National Corporation for approximately $604 million in an all-stock transaction [1][11]. Acquisition Details - ASB will pay $26.29 per share for American National's shares, with the merger approved by both companies' boards [2]. - The deal is expected to close in the second quarter of 2026, pending regulatory approvals [3]. Company Background - American National, founded in 1856 and headquartered in Omaha, NE, operates 33 branches across Nebraska, Minnesota, and Iowa, with total assets of approximately $5.3 billion as of September 30, 2025 [4]. - The firm has $3.8 billion in total loans and $4.7 billion in deposits [4]. Combined Entity Projections - Post-merger, the combined entity is anticipated to have around $50 billion in total assets, $35 billion in total loans, and $40 billion in total deposits [5]. Strategic Rationale - The acquisition is expected to enhance ASB's deposit mix with low-cost deposits and add over 79,000 customer deposit accounts [6]. - The merger will strengthen ASB's presence in the Midwest, with 76% of pro forma deposits in the 10 largest markets across the Upper Midwest [6]. - ASB anticipates cost savings of 25% (approximately $29 million) from American National's 2025 non-interest expenses, with $55 million in one-time pre-tax merger expenses expected [7]. Financial Impact - The deal is projected to be approximately 2% accretive to ASB's 2027 earnings per share, assuming successful execution of cost savings [8]. - A common equity tier 1 capital accretion of 5 basis points is expected at closing, along with a 24% internal rate of return [8]. - Tangible book value per share is expected to dilute by 1.2%, with a projected earn-back period of about 2.25 years [9]. Efficiency and Performance Improvements - ASB expects a 60 basis points improvement in return on average tangible common equity and a 175 basis points improvement in efficiency ratio by 2027, adjusting for phased-in cost savings [9]. - The acquisition aligns with ASB's strategic plan to improve operating efficiency and bolster its balance sheet, focusing on customer acquisition and deepening relationships [12]. Market Context - ASB's shares have increased by 10.8% over the past six months, compared to the industry's growth of 2.7% [13].

Core Insights - Banks are actively pursuing mergers to achieve scale despite investor skepticism regarding the impact on tangible book value [4][8][12] - The current environment is seeing a resurgence in bank dealmaking, with 2025 projected to be the largest year for bank transactions since before the pandemic [12] Group 1: Market Reactions to Mergers - First Horizon's stock fell by as much as 13% after announcing plans for a deal, while Eastern Bankshares saw a drop of over 4.5% following similar comments from its CEO [2] - An analysis revealed that the stock prices of buyers in major bank transactions typically declined in the 30 trading days post-announcement, with Fifth Third Bancorp's shares down more than 4% after acquiring Comerica [3] Group 2: Investor Sentiment and Strategic Decisions - Investors are increasingly concerned about tangible book value dilution and the risks associated with mergers, leading to a disconnect between bank executives and market expectations [4][8] - Activist investor HoldCo Asset Management has been vocal against further acquisitions by certain banks, advocating instead for stock buybacks and potential sales to other institutions [7][9] Group 3: Performance and Strategic Outlook - Truist Securities' analysis indicates that banks that reduce their share counts tend to outperform their peers, with 30 out of the 72 largest U.S. banks having shrunk their share count in the last decade [10] - Despite the skepticism, banks are continuing to pursue M&A opportunities, with Fifth Third's acquisition of Comerica expected to close without diluting its tangible book value per share [12][13]