First Hawaiian acquires TriCo Bancshares

First Hawaiian, Inc. (parent of First Hawaiian Bank) and TriCo Bancshares (parent of Tri Counties Bank) entered into a definitive agreement for First Hawaiian to acquire TriCo in an all-stock transaction valued at approximately $2 billion. TriCo shareholders will receive 2.095 First Hawaiian shares per TriCo share, representing $63.12 per share based on First Hawaiian's closing price on July 10, 2026. The combined company will have approximately $34 billion in assets, $22 billion in loans, $29 billion in deposits, and 117 branches, making it the sixth-largest bank headquartered in the Western US. First Hawaiian shareholders will own about 65% of the combined company, and TriCo shareholders about 35%. Four TriCo directors, including CEO Rick Smith, will join First Hawaiian's board. The Tri Counties Bank brand will be retained in California, and no branch closures are expected. The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals. First Hawaiian also provided preliminary Q2 2026 results, reporting net income of $73.4 million and diluted EPS of $0.60.