Acquisition Announcement Moves Both Stocks First Hawaiian (NASDAQ:FHB) shares fell 4.8% on Monday, while TriCo Bancshares (NASDAQ:TCBK) gained 7% after the companies announced an all-stock merger agreement.
Under the proposed transaction, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share they own, valuing TriCo at approximately $63.12 per share based on First Hawaiian’s closing price on 10 July 2026
Following completion of the deal, existing First Hawaiian shareholders are expected to own around 65% of the combined company, with TriCo investors holding the remaining 35%. Combined Bank to Hold $34 Billion in Assets The acquisition will create a regional banking group with approximately $34 billion in total assets, making it the sixth-largest bank headquartered in the Western United States. First Hawaiian said the Tri Counties Bank brand will continue to operate across mainland markets, and the transaction is not expected to result in branch closures.
Board Changes Planned As part of the agreement, four members of TriCo’s current board, including Chairman, President and Chief Executive Officer Rick Smith, will join the boards of both First Hawaiian and First Hawaiian Bank. The merger has received unanimous approval from the boards of both companies and is expected to close before the end of 2026, subject to regulatory clearances and shareholder approval. Preliminary Quarterly Results Released Alongside the acquisition announcement, First Hawaiian also released preliminary second-quarter financial figures.