The all-stock deal will create a $34 billion asset bank with 117 branches across Hawaii and California.
First Hawaiian and TriCo Bancshares agreed to merge in a $2 billion all-stock transaction, expected to close in the fourth quarter. First Hawaiian shareholders will own about 65% of the combined entity, which will hold $34 billion in assets and operate 117 branches.
The deal aims to strengthen the bank’s West Coast presence while preserving TriCo’s California brand. Executives project 6% earnings-per-share accretion and 25% cost savings without branch closures or revenue synergies.
No immediate market reaction was disclosed, but the merger is positioned to enhance growth opportunities in California and the broader Pacific region.