Blue Foundry’s Conversion and $277.7 Million Stock Offering

Luse Gorman advised Blue Foundry Bank on the deal.

Blue Foundry, MHC, Rutherford, New Jersey, completed its conversion from the mutual holding company to the stock holding company form of organization.

Concurrently with the conversion, Blue Foundry Bancorp, the newly formed holding company for Blue Foundry Bank, completed its initial public offering selling 27,772,500 shares of its common stock at $10.00 per share. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. The Company’s common stock trades on the Nasdaq Global Select Market under the trading symbol “BLFY.”

Blue Foundry Bancorp has $1.96 billion in assets and operates from 16 offices in northern New Jersey.

Luse Gorman served as legal counsel to Blue Foundry in the conversion and stock offering. The Luse Gorman team included John Gorman (Picture), Marc Levy, Zachary Davis, Thomas Hutton and Brendan Saxon.

Involved fees earner: Zachary Davis – Luse Gorman, PC; John Gorman – Luse Gorman, PC; Thomas Hutton – Luse Gorman, PC; Marc Levy – Luse Gorman, PC; Brendan Saxon – Luse Gorman, PC;

Law Firms: Luse Gorman, PC;

Clients: Blue Foundry Bank;

Martina Bellini

Author: Martina Bellini