Welcome to our dedicated page for Fulton Financial news (Ticker: FULT), a resource for investors and traders seeking the latest updates and insights on Fulton Financial stock.
Fulton Financial Corporation (symbol: FULT) is a substantial regional financial holding company with assets exceeding $17 billion. Headquartered in Lancaster, Pennsylvania, the company operates around 250 offices and ATMs across five states: Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.
Founded in 1882, the flagship bank, Fulton Bank, has a long-standing presence in South Central Pennsylvania, Delaware, and Virginia. Fulton Financial Corporation's business model includes a suite of consumer and commercial banking products such as checking and savings accounts, loan products, and wealth management services. The company's revenue streams include non-interest income from its robust Wealth Management division.
Through its affiliates, Fulton Financial Advisors, N.A. and Fulton Mortgage Company, the corporation provides a broad array of services. Fulton Financial Advisors offers trust, brokerage, and investment management services, while Fulton Mortgage Company specializes in residential mortgage services.
With a community-oriented banking style, Fulton Financial Corporation prides itself on maintaining strong personal relationships and community support. Their customer-centric approach ensures that they can listen to and meet the needs of their clients effectively.
Recent projects and partnerships highlight Fulton Financial Corporation's commitment to growth and innovation, adapting to the ever-evolving financial landscape while maintaining its traditional values.
Fulton Financial (FULT) has announced three key financial decisions: First, a quarterly cash dividend increase of one cent to $0.18 per common share, payable January 15, 2025, representing a nearly 6% increase. Second, a quarterly dividend of $12.81 per share on its Preferred Stock Series A. Third, approval of a new $125 million share repurchase program for 2025, including up to $25 million for preferred stock repurchases.
The program will run from January 1 to December 31, 2025, with purchases to be made through open market transactions or private negotiations. The Lancaster-based financial holding company, with over $30 billion in assets, operates more than 200 financial centers across five states through Fulton Bank.
Fulton Financial (NASDAQ: FULT) has appointed Richard Kraemer as Senior Executive Vice President and Chief Financial Officer, replacing Interim CFO Betsy Chivinski, who is retiring at year-end. Kraemer brings over 20 years of financial services experience and will oversee accounting, treasury, corporate development, tax, financial planning, investor relations, procurement, and real estate. In his previous role as Chief Banking Officer, he managed commercial markets and had P&L responsibility. He also served as Executive Vice President, Deputy CFO & Treasurer at a $60 billion assets company.
Fulton Financial (NASDAQ: FULT) reported Q3 2024 net income of $60.6 million, or $0.33 per diluted share, down $31.8 million from Q2 2024. However, operating net income increased to $91.3 million, or $0.50 per diluted share, up $8.8 million from Q2. Highlights include:
- Net interest margin increased to 3.49%
- Customer deposits grew by $745.0 million
- Common equity tier 1 capital rose to 10.5%
- Tangible shareholders' equity per share increased 4.7% to $13.02
- Net loans increased to $24.2 billion
- Total deposits grew to $26.2 billion
The quarter included $14.2 million in acquisition-related expenses and $9.4 million in FultonFirst implementation costs. Provision for credit losses decreased to $11.9 million from $32.1 million in Q2 2024.
Fulton Financial (Nasdaq: FULT) has announced the schedule for its third quarter 2024 earnings release and webcast. The earnings release and accompanying charts will be distributed on Tuesday, October 15, at approximately 4:30 p.m. Eastern Time. A conference call with analysts will be held on Wednesday, October 16, at 10 a.m. Eastern Time, hosted by Chairman and CEO Curtis J. Myers, joined by Rick Kraemer, Senior Executive Vice President and CFO Designee.
The webcast link and audio-only access information have been provided. Fulton, a $30 billion financial holding company based in Lancaster, Pa., operates more than 200 financial centers across five states through Fulton Bank, N.A., employing approximately 3,500 people.
Fulton Bank, a subsidiary of Fulton Financial , has launched Fulton Deposit Escrow Management, a new digital platform for escrow account and subaccount management. The service is provided in partnership with ZSuite Technologies and is aimed at clients in the real estate industry and municipal organizations. The platform, called ZEscrow, offers features such as bulk import capability, easy account access, and interest configuration.
Lou Lombardi, Fulton Bank Director of Middle Markets, emphasized that the platform provides customers with an easy and secure way to manage escrow accounts, offering real-time access to information. Nathan Baumeister, CEO of ZSuite Technologies, expressed excitement about the partnership, highlighting their commitment to providing advanced tools for businesses and individuals.
Fulton Financial (Nasdaq: FULT) has announced its latest dividend declarations. The Board of Directors has declared a quarterly cash dividend of $0.17 per share on its common stock, payable on October 15, 2024, to shareholders of record as of October 1, 2024. Additionally, a quarterly dividend of $12.81 per share (equivalent to $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on October 15, 2024, to shareholders of record as of September 30, 2024.
Fulton is a $30 billion financial holding company based in Lancaster, Pennsylvania. It employs over 3,500 people and operates more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia through Fulton Bank, N.A.
Fulton Financial (NASDAQ: FULT), a $30+ billion financial services holding company, has announced several new executive appointments within Fulton Bank, N.A. The changes include:
1. Meg R. Mueller as Chief Credit Executive
2. John J. Glover as Head of Commercial Banking
3. Philip N. Smith as Director of Business Banking
4. Jeffrey R. Rush as Executive Market President
These appointments aim to bring increased focus to core business areas, align the credit team under a single leader, support a wide range of customers, and reinforce commitment to local leadership in served communities.
Fulton Bank, a subsidiary of Fulton Financial (FULT), has awarded two $3,000 Women in Technology scholarships to Kailey Kasbeer-Betty and Yanwei Liu. The scholarships, presented by Fulton's Women in Technology employee resource group, support women pursuing STEM education.
Kasbeer-Betty, from Ellicott City, Md., will study electrical engineering at the University of South Florida. Liu, from Hummelstown, Pa., will pursue computer science at Cornell University. Eligible applicants had to be female high school seniors residing within Fulton Bank's footprint and enrolling in a STEM undergraduate program.
Kelly Salvato, Chairperson of Fulton's Women in Technology group, emphasized the importance of inspiring and connecting women in technology across both IT and business sectors.
Fulton Financial (NASDAQ: FULT) has announced Richard Kraemer as its new Senior Executive Vice President and Chief Financial Officer Designee. Kraemer will join Fulton on September 3, 2024, and take over as CFO in the fourth quarter, replacing Interim CFO Betsy Chivinski, who will retire at year-end.
Kraemer brings over 20 years of financial services experience, most recently serving as Chief Banking Officer overseeing commercial markets at another bank. He will oversee accounting, treasury, corporate development, tax, financial planning and forecasting, and investor relations at Fulton. CEO Curt Myers expressed confidence in Kraemer's ability to lead as CFO, citing his proven track record in commercial business, corporate finance, and developing strategies to improve profitability.
Fulton Financial (NASDAQ: FULT) reported Q2 2024 net income of $92.4 million, or $0.52 per diluted share, a $33.0 million increase from Q1. The quarter was significantly impacted by the acquisition of Republic Bank, contributing to a $47.4 million gain (net of tax). Key financial highlights include:
- Net interest income increased by $34.8 million to $241.7 million
- Non-interest income rose to $113.3 million, up from $57.1 million in Q1
- Net loans grew to $24.1 billion, a $2.7 billion increase
- Deposits increased by $3.8 billion to $25.6 billion
- Provision for credit losses was $32.1 million, up from $10.9 million in Q1
The company also completed a $273.0 million common stock offering and a sale-leaseback transaction resulting in a $20.3 million pre-tax gain.
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