Overview
- The boards of both banks unanimously approved a 100% stock merger under which TriCo shareholders will receive 2.095 First Hawaiian shares per TriCo share, leaving pro forma ownership roughly 65% for First Hawaiian holders and 35% for TriCo holders.
- The companies say the combined lender will hold about $34 billion in assets, operate roughly 117 branches and rank among the largest banks headquartered in the Western United States.
- As part of the integration plan, four members of TriCo’s board, including CEO Rick Smith, will join the boards of the combined company and First Hawaiian Bank, and the Tri Counties brand will continue with no expected branch closures.
- First Hawaiian released preliminary second-quarter figures alongside the deal, citing diluted EPS of about $0.60 and other improvement in margins, while markets drove First Hawaiian shares lower and TriCo shares higher; the bank will report full July quarter results later this month.
- The companies expect to close before the end of 2026 subject to regulatory and shareholder approvals and said the transaction is modeled to deliver about 6% EPS accretion and roughly 25% cost savings, outcomes that could change investor returns and preserve local banking access for customers.