Fulton Financial Announces Board Member Retirement

Fulton Financial Corporation (NASDAQ:FULT), a $3.1 billion financial institution currently trading near its InvestingPro Fair Value with a solid 4.17% dividend yield, has officially announced the retirement of board member Steven S. Etter following the company’s 2025 Annual Meeting of Shareholders, which took place on Tuesday. According to the company’s SEC filing on May 22, 2025, Etter did not stand for re-election due to age restrictions set forth in the company’s Corporate Governance Guidelines.

Etter, who had reached the age of 72 prior to the Annual Meeting, concluded his service in compliance with the company’s guidelines that preclude board members of that age from standing for re-election. The retirement was effective immediately after the Annual Meeting.

Fulton Financial, a Pennsylvania-incorporated national commercial bank with a "GOOD" financial health rating according to InvestingPro analysis, did not announce an immediate successor for Etter’s position on the Board of Directors. The company, which has maintained dividend payments for 44 consecutive years, indicated no further changes to its executive team or compensatory arrangements at this time.

The 8-K filing also included standard information such as the company’s business and mailing addresses, contact details, and a list of securities registered under the Act, including common stock and depositary shares listed on The Nasdaq Stock Market, LLC.

Investors and stakeholders are likely to keep an eye on the company’s next steps for filling the vacancy on the Board. Fulton Financial’s adherence to its Corporate Governance Guidelines reflects its commitment to structured leadership transition and regulatory compliance. For deeper insights into Fulton Financial’s performance and prospects, including additional ProTips and comprehensive financial metrics, investors can access the detailed Pro Research Report available on InvestingPro.

The details of the announcement are based on the information provided in the SEC filing by Fulton Financial Corporation.

In other recent news, Fulton Financial reported strong first-quarter earnings for 2025, with adjusted earnings per share reaching $0.52, surpassing the analyst estimate of $0.41. Net income available to common shareholders increased to $90.4 million, or $0.49 per diluted share, compared to $66 million, or $0.36 per share, in the previous quarter. Despite a slight decline in net interest income to $251.2 million, the bank maintained a solid net interest margin of 3.43%. Customer deposits saw a 4.9% annualized increase, contributing to a total deposit rise of $199.5 million to $26.3 billion.

Analysts from Keefe, Bruyette & Woods adjusted their price target for Fulton Financial to $21.00 from $24.00, maintaining a Market Perform rating, while DA Davidson kept a Neutral rating with a $20.00 price target. Both firms acknowledged the bank’s robust first-quarter performance, with DA Davidson highlighting unexpected net interest margin expansion and better-than-expected net interest income. Keefe analysts noted Fulton Financial’s strong capital position and stable asset quality, projecting a return on tangible common equity of 14% by 2025.

Fulton Financial’s provision for credit losses was reported at $13.9 million, resulting in an allowance for credit losses of 1.59% of total net loans. The bank’s common equity tier 1 capital ratio improved to approximately 11.0% from 10.8% in the previous quarter, indicating a strengthened capital position. These developments come amid a broader economic environment characterized by uncertainties and anticipated Federal Reserve rate adjustments.

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