First Hawaiian Acquires TriCo Bancshares in $2 Billion Stock Deal

First Hawaiian Inc., the parent company of First Hawaiian Bank, announced it will acquire TriCo Bancshares in a stock deal valued at approximately $2 billion. The merger aims to create a significant banking powerhouse in the Pacific region. Under the terms of the agreement, TriCo Bancshares shareholders will receive 0.55 shares of First Hawaiian for each share they own. This represents a premium of about 10% based on TriCo's closing price on February 28. The combined company is expected to have total assets of approximately $40 billion. First Hawaiian CEO Bob Harrison stated that the merger will offer customers in the Pacific region a broader range of products and greater resources. TriCo Bancshares CEO Richard Smith expressed that the deal will create value for shareholders and open new opportunities for employees. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and shareholder approval from both companies. Post-merger, the bank will operate in Hawaii, California, Oregon, and Washington. This is not investment advice.