First Hawaiian to acquire TriCo Bancshares for $2.0B in all-stock deal, creating $34B bank

Filed July 13, 2026 · Period ending July 12, 2026 · ~2 min read

Key Changes

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  First Hawaiian will acquire TriCo Bancshares in an all-stock transaction valued at $2.0 billion, exchanging 2.095 FHB shares for each TriCo share ($63.12/share, 1.98x tangible book). Combined entity will have $34B in assets across Hawaii and California, with FHB shareholders owning ~65% and TriCo shareholders ~35%.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
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  Deal expected to be ~6% accretive to 2027 EPS with full cost synergies ($61M pre-tax annually, 25% of TriCo's non-interest expense), generating high-teens IRR. Tangible book value per share dilution of 4.7% earns back in 2.8 years. One-time merger costs of $125M.

  Exhibit 99.2 verify on EDGAR →
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  Acquisition gives First Hawaiian immediate California scale through TriCo's 68 branches serving 31 counties. TriCo holds #8 deposit ranking in its counties with 15% deposit-weighted market share, including #1 share in 2 MSAs. Combined company becomes 6th largest Western U.S. bank by deposits.

  Exhibit 99.2 verify on EDGAR →