Fulton Financial Corp Files 8-K

Ticker: FULTP · Form: 8-K · Filed: May 15, 2024 · CIK: 700564

Fulton Financial Corp 8-K Filing Summary
FieldDetail
CompanyFulton Financial Corp (FULTP)
Form Type8-K
Filed DateMay 15, 2024
Risk Levellow
Pages4
Reading Time5 min
Key Dollar Amounts$2.50, $55.4 million, $4.4 million, $20.4 m, $15.6 million
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, corporate-event

Related Tickers: FULT

TL;DR

FULTON FINANCIAL CORP FILED AN 8-K ON 5/15/24 FOR A MATERIAL AGREEMENT. DETAILS PENDING.

AI Summary

Fulton Financial Corporation filed an 8-K on May 15, 2024, reporting the entry into a material definitive agreement and other events. The filing does not contain specific details about the agreement or events, but it is a standard disclosure for significant corporate actions.

Why It Matters

This filing indicates Fulton Financial Corporation has entered into a significant agreement or experienced a material event that requires public disclosure, potentially impacting its business operations or financial standing.

Risk Assessment

Risk Level: low — This is a routine filing for a material event or agreement, and the filing itself does not indicate immediate financial risk.

Key Players & Entities

  • Fulton Financial Corporation (company) — Registrant
  • Pennsylvania (location) — State of incorporation
  • May 15, 2024 (date) — Filing date

FAQ

What is the nature of the material definitive agreement entered into by Fulton Financial Corporation?

The provided text does not specify the details of the material definitive agreement.

What are the 'Other Events' reported in this 8-K filing?

The filing indicates 'Other Events' were reported, but the specific events are not detailed in the provided text.

When was this 8-K filing submitted to the SEC?

The 8-K filing was submitted on May 15, 2024.

What is Fulton Financial Corporation's principal executive office address?

The principal executive offices are located at One Penn Square, P.O. Box 4887, Lancaster, Pennsylvania 17604.

What is Fulton Financial Corporation's IRS Employer Identification Number?

The IRS Employer Identification Number for Fulton Financial Corporation is 23-2195389.

Filing Stats: 1,295 words · 5 min read · ~4 pages · Grade level 12.2 · Accepted 2024-05-15 16:24:19

Key Financial Figures

  • $2.50 — ich registered Common stock, par value $2.50 FULT The Nasdaq Stock Market, LLC Depo
  • $55.4 million — for an aggregate cash purchase price of $55.4 million (the "Blue Owl Transaction"). The Blue
  • $4.4 million — ue Owl Properties will be approximately $4.4 million. Fulton expects that the rental expense
  • $20.4 m — tion-related expenses, of approximately $20.4 million, or approximately $15.6 million a
  • $15.6 million — imately $20.4 million, or approximately $15.6 million after tax, in connection with the Blue
  • $345 million — ties portfolio by selling approximately $345 million of investment securities and reinvestin
  • $20.4 million — investment securities of approximately $20.4 million. Forward-Looking Statements This Cu

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 10, 2024, Fulton Bank, National Association (the "Bank") and Fulton Financial Realty Company ("FFRC"), both wholly-owned subsidiaries of Fulton Financial Corporation ("Fulton"), entered into an Agreement for Purchase and Sale of Real Property (the "Blue Owl Agreement") with certain affiliates of Blue Owl Capital Inc. (the "Blue Owl Affiliates"). Pursuant to the terms of the Blue Owl Agreement, the Bank and FFRC sold to the Blue Owl Affiliates 40 financial center office locations (the "Blue Owl Properties") for an aggregate cash purchase price of $55.4 million (the "Blue Owl Transaction"). The Blue Owl Properties are located in Pennsylvania, New Jersey, Delaware and Maryland. Pursuant to the terms of the Blue Owl Agreement, the Bank concurrently entered into lease agreements (the "Blue Owl Leases") with the Blue Owl Affiliates pursuant to which the Bank will lease each of the Blue Owl Properties for an initial term of 15 years (the "Initial Term"), with the Bank having the option to extend the term of each of the Blue Owl Leases for up to three successive terms of up to five years each. Pursuant to the Blue Owl Leases, the Bank will be obligated to pay a base rental amount, plus all real estate and other taxes, governmental fees, utility charges, and other fees, charges and expenses with respect to the Blue Owl Properties. During the initial 12 months of the Blue Owl Leases, the aggregate base rental amount for the Blue Owl Properties will be approximately $4.4 million. Fulton expects that the rental expense for the Blue Owl Properties during the initial 12 months of the Blue Owl Leases will be largely offset by a reduction in depreciation expense associated with the Blue Owl Properties and income from the investment of the proceeds from the Blue Owl Transaction. During the Initial Term, the base rental amount will increase annually at a rate of 2.25%. Fulton expects to record a pre-tax gain, after de

01 Other Events

Item 8.01 Other Events. In connection with the transactions discussed in Item 1.01 of this Current Report, Fulton restructured a portion of its available for sale investment securities portfolio by selling approximately $345 million of investment securities and reinvesting the proceeds into higher-yielding securities of a similar type and similar duration. Fulton expects to record a pre-tax loss on the sale of the investment securities of approximately $20.4 million.

Forward-Looking Statements

Forward-Looking Statements This Current Report contains forward-looking statements with respect to Fulton's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, Fulton's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in Fulton's business or financial results. Forward-looking statements are neither historical facts nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of Fulton's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Fulton's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. Fulton undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A discussion of certain risks and uncertainties affecting Fulton, and some of the factors that cou

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