First Hawaiian to Buy TriCo Bancshares in $2.02 Billion All-Stock Deal
The transaction aims to create a leading Pacific banking franchise by accelerating First Hawaiian's growth on the U.S. mainland.
First Hawaiian, Inc. (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock transaction valued at approximately $2.02 billion.
Under the terms of the definitive agreement, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share. Based on First Hawaiian's closing stock price on July 10, 2026, the consideration represents $63.12 per share. Upon completion of the deal, First Hawaiian and TriCo shareholders are expected to own approximately 65% and 35% of the combined company, respectively.
The transaction creates a leading Pacific banking franchise and accelerates First Hawaiian's mainland growth by combining strong deposit platforms. "This partnership creates a broader platform for long-term growth," said Bob Harrison, Chairman, President and CEO of First Hawaiian.
TriCo Bancshares, the parent company of Tri Counties Bank, is headquartered in Chico, California, and maintains a strong presence across Northern and Central California. The target operates 68 branches and 83 ATMs across 31 counties, offering commercial, consumer, and wealth management services. First Hawaiian intends to retain the Tri Counties Bank branding on the mainland and expects no branch closings as a result of the merger.
The deal follows a trend of consolidation among Western U.S. banks seeking scale and geographic density. Similar all-stock transactions include Banner Corporation's acquisition of Pacific Financial Corporation and Columbia Banking System's acquisition of Pacific Premier Bancorp.
The combined entity is expected to have approximately $34 billion in assets, making it the sixth-largest bank headquartered in the Western U.S.. First Hawaiian expects the deal to be accretive to 2027 earnings per share by approximately 6% once full cost synergies of $61 million are realized.
The transaction is subject to the receipt of required regulatory approvals, approval by shareholders of both companies, and the satisfaction of customary closing conditions. The parties expect to close the transaction by the end of 2026.