First Hawaiian to Buy TriCo Bancshares in $2 Billion Stock Deal, Building Pacific Bank Giant

First Hawaiian and TriCo Bancshares have agreed to a 100% stock merger valued at about $2 billion , with the deal expected to close in the fourth quarter pending approvals. First Hawaiian shareholders would own roughly 65% of the combined company. The combined bank would have about $34 billion in assets , 117 branches , and a stronger West Coast footprint, while Tri Counties Bank will keep its brand in California and the companies expect no branch closures . Executives said the deal is expected to generate 6% EPS accretion and 25% cost savings without relying on branch cuts or modeled revenue synergies, while maintaining a strong credit discipline and deposit base.

First Hawaiian NASDAQ: FHB and TriCo Bancshares have entered into a definitive agreement to combine in a 100% stock transaction valued at approximately $2 billion, according to remarks made on an investor call led by executives from both companies. Bob Harrison, chairman, president and chief executive officer of First Hawaiian, said the transaction would create what he called “the leading Pacific banking franchise,” combining First Hawaiian’s Hawaii-based franchise and mainland lending experience with TriCo’s California retail banking network. “This combination creates the leading Pacific banking franchise that is well-positioned to capture the growth opportunities in California and broader West Coast,” Harrison said.

TriCo shareholders will receive 2.095 shares of First Hawaiian common stock for each share of TriCo common stock, First Hawaiian Chief Financial Officer Jamie Moses said. Based on First Hawaiian’s closing stock price as of July 10, 2026, the transaction represents about $2 billion in aggregate value.