First Hawaiian TriCo Merger Expands Mainland Reach

First Hawaiian, Inc. agreed to acquire TriCo Bancshares in a definitive all-stock merger announced in a joint press release on July 13, 2026. The First Hawaiian TriCo merger will broaden First Hawaiian’s mainland presence and add TriCo’s California footprint, the companies said.

Deal Terms and Scale

First Hawaiian will acquire TriCo Bancshares in an all-stock transaction valued at $2.01 billion. TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, implying $63.12 per TriCo share based on First Hawaiian’s July 10 closing price. At closing, First Hawaiian shareholders are expected to own about 65% of the combined company, with TriCo shareholders holding about 35%. The merged bank will have roughly $34 billion in assets, ranking as the sixth-largest bank headquartered in the Western U.S.

Strategic Footprint and Governance

The deal expands First Hawaiian’s mainland presence and adds TriCo’s California footprint. First Hawaiian will retain the Tri Counties Bank name on the mainland, and no branch closings are expected. TriCo’s community commitments will continue unchanged.

Four current TriCo directors, including Rick Smith, will join the boards of First Hawaiian and First Hawaiian Bank. The companies also agreed to add three more directors by mutual consent before closing. Both boards unanimously approved the definitive agreement.

The transaction is subject to required regulatory approvals, shareholder approvals from both companies, and customary closing conditions. The parties expect to close by the end of 2026. The announcement referenced preliminary second-quarter 2026 results in its title.

Management said the combined company will leverage its strong capital position, liquidity, and credit quality to support enhanced earnings and long-term shareholder value. “This partnership creates a broader platform for long-term growth,” said Bob Harrison, chairman, president, and chief executive of First Hawaiian.