FULTON FINANCIAL CORP (FULT): restructuring charge — Fulton Bank to close 13 branches, incur $10M exit costs, expects $8M annual savings

FULTON FINANCIAL CORP

Board approved closing 13 financial centers in PA and NJ; expected on/about Nov 22, 2024.
Pre-tax costs of ~$10M: $6M premises/equipment write-offs, $3M lease terminations, $1M severance.
Costs recognized in Q3 2024; annual pre-tax expense savings of ~$8M starting Q1 2025.
Part of Republic First Bank integration (acquired April 26, 2024) and FultonFirst strategic initiative.
Tickers referenced: FULT (common stock) and FULTP (preferred stock).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FULTON FINANCIAL CORP announced a restructuring with charges of approximately $10 million affecting Pennsylvania and New Jersey.

Type: restructuring
Charge: approximately $10 million
Affected area: Pennsylvania and New Jersey

Exact text from the filing

the Corporation expects to incur pre-tax costs of approximately $10 million, consisting of approximately $6 million of write-offs of premises and equipment and related expenses, approximately $3 million of lease termination charges, and approximately $1 million of future cash expenditures in connection with employee severance

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

FULTON FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0000700564-24-000038

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