Biz FOB: Dec. 2025
Crunching Numbers
Nine
How many consecutive years TD Bank has ranked No. 1 in total number of approved U.S. Small Business Administration (SBA) loans in its Maine-to-Florida footprint.
One million
The number of meals that the New Jersey Bankers Association’s multi-year campaign was able to provide to statewide residents facing food insecurity—two years ahead of the initiative’s original schedule.
Fifth
The recent anniversary celebrated by Business.NJ.gov, which accounts for about 15% of the state’s annual business formations and has helped launch more than 65,000 companies. Last year alone, it directed roughly $168 million into New Jersey’s economy.
4%
What New Jersey’s college enrollment increased by from 2014-2018 to 2018-2022—putting the state at No. 5 nationwide for largest enrollment increases—according to a recently released analysis using data from the National Center for Education Statistics.
$75,000
How much the Mastery Schools of Camden will receive from the recently announced third round of Innovation Dual Enrollment Program grants as one of four districts expanding high schoolers’ access to college-level coursework.
$8.9 million
Since Fiscal Year 2024, what the NJ Department of Labor has awarded in New Jersey Builder’s Utilization Initiative for Labor Diversity funding to 19 organizations to support training more than 800 women and minorities in the construction trades.
1,300
How many families for whom The Salvation Army Camden Kroc Center provided full Thanksgiving meals during its Nov. 22 food-distribution event.
$15.92
As of Jan. 1, 2026, what New Jersey’s statewide hourly minimum wage will be for most employees, reflecting a $0.43 increase.
Breakdown
Fulton Financial Corporation and Blue Foundry Bancorp have announced a definitive merger agreement, pursuant to which Fulton will acquire Blue Foundry in an all-stock transaction.
What Happened: It was announced last month that the boards of directors for both Fulton and Blue Foundry unanimously approved the agreement. Under the agreement’s terms, each share of Blue Foundry common stock will be exchanged for 0.6500 shares of Fulton common stock; based on Fulton’s Nov. 21 share price of $17.96, the transaction is valued at approximately $243 million, or $11.67 per share of Blue Foundry common stock. The transaction is expected to be accretive to first full-year earnings by over 5%, immediately accretive to tangible book value per share and neutral to regulatory capital ratios at close.
What It Means: The November announcement notes that this accelerates Fulton’s growth efforts in New Jersey. “We’re bringing together two community-focused banks with shared values and a strong commitment to making banking personal for each and every customer,” said Curtis J. Myers, Fulton’s chairman and CEO. “The combination of our companies creates an opportunity to leverage Fulton’s robust banking services and provide greater convenience and innovative solutions to an expanded customer base, with a continued focus on supporting our local communities. The expansion in northern New Jersey aligns with our strategy of growing in our local markets and positions us well to drive organic growth across our commercial, consumer, wealth advisory and mortgage businesses.”
What’s Next: The transaction is expected to close in 2026’s second quarter, subject to customary closing conditions that include regulatory approvals and approval by Blue Foundry’s stockholders. Following the closing, Blue Foundry Bank—Blue Foundry’s wholly owned subsidiary—will merge into Fulton Bank, N.A., the wholly owned bank subsidiary of Fulton, with Fulton as the surviving bank. As part of this transaction, Fulton will contribute $1.5 million to the Fulton Forward Foundation, which will be designated to provide impact grants supporting statewide nonprofit organizations.
On the Move
Early last month, it was announced that Valley National Bancorp appointed Matthew Verney as the chief banking officer for Valley Bank’s Philadelphia and South Jersey market.
Atlantic City Electric announced on Nov. 10 that Andrew Hendry is its new vice president of governmental and external affairs and region president, succeeding Phil Vavala, who recently retired after 30 years with the Exelon family of companies.
Carol Ash, DO, MBA, MHCDS, FACHE, has recently joined the staff at Deborah Heart and Lung Center. She brings more than 25 years of experience as a clinician and physician executive to the health care system, where she practices as a pulmonologist and sleep medicine specialist.
On Nov. 13, Nemours Children’s Health announced that Harry McCloskey, Ph.D., has been appointed as senior vice president, operations for the Delaware Valley. In this role, Dr. McCloskey is tasked with improving operational effectiveness, integrating new technologies to achieve efficiencies, and driving both strategic planning and execution.
Duly Noted
Ronald C. Kerins, Jr., CCM, FCMAA, LEED AP, the CEO and chairman of Mount Laurel-based GREYHAWK was recently inducted into the Construction Management Association of America College of Fellows, one of the association’s highest honors that recognizes members who have made significant contributions to the construction management profession, industry and association.
During Cooper University Health Care’s Nov. 10 and 11 Veterans Day celebrations, the hospital system recognized its 2025 Armed Forces Persons of the Year honorees, the colleague-nominated, Cooper team members whose military and civilian service exemplify dedication, integrity and compassion: Dana O’Donnell from Cooper University Hospital Cape Regional, and co-honorees Dennis Perez and Erasmo “Rico” Rivera from Cooper University Hospital in Camden.
When The New Jersey Bankers Association recognized 23 industry rising stars during its annual Awards Dinner on Nov. 13, Pemberton’s Colin Fletcher, VP, SBA Government Lending Division Manager for Magyar Bank, was among those honorees.
The William J. Hughes Center for Public Policy at Stockton University honored five outstanding New Jerseyans for excellence in their field last month, including Christina M. Renna, president and CEO of the Chamber of Commerce Southern New Jersey.
