First Hawaiian to Acquire TriCo Bancshares for $1.77 Billion

First Hawaiian, Inc. (FHB) entered a merger agreement on July 13, 2026, to acquire TriCo Bancshares (TCBK) in a deal valued at about $1.77 billion.

Deal Structure:

TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share, at a 17.67% premium from the stock’s last close.

Company Profile:

TriCo Bancshares is the parent company of Tri Counties Bank. This California-based commercial bank provides consumer, small business, and commercial banking services, including deposit products, loans, treasury management, and wealth management. The company operates a network of branches, in-store locations, and loan production offices across California, with about $10 billion in assets and $8.8 billion in deposits.

First Hawaiian is a bank holding company headquartered in Honolulu, Hawaii, providing consumer and commercial banking services through its subsidiary, First Hawaiian Bank. The company offers deposit products, loans, wealth management, insurance, trust, and treasury services, and operates 54 branches across Hawaii, Guam, and Saipan, with roughly $26 billion in assets and $22 billion in deposits.

Deal Details and Timeline:

On a combined basis, the company will have approximately $34 billion in assets, making it the sixth-largest bank headquartered in the Western U.S.

First Hawaiian shareholders will own about 65% of the combined company, while TriCo shareholders will own about 35%.

Four current TriCo directors, including Rick Smith, will join the Boards of First Hawaiian and First Hawaiian Bank. The remaining three directors will be mutually agreed upon by First Hawaiian and TriCo before the transaction closes.

No branch closures are expected as a result of the transaction.

The merger is expected to close by the end of 2026.

TriCo was advised by Keefe, Bruyette & Woods, A Stifel Company, as financial advisor and Holland & Knight as legal counsel. First Hawaiian was advised by Evercore as financial advisor and Sullivan & Cromwell as legal counsel.

First Hawaiian is paying 1.87 times the tangible book value for TriCo.

Deal Metrics:

For a comprehensive analysis of this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of TriCo Bancshares (TCBK) by First Hawaiian, Inc. (FHB)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Each event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.

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Editor’s Note: Baranjot Kaur contributed to this article