First Hawaiian to Acquire TriCo Bancshares in All-Stock Deal
First Hawaiian (FHB) said Monday it has signed a definitive agreement to acquire TriCo Bancshares (TCBK) in an all-stock transaction. Under the agreement, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valued at $63.12 per share based on First Hawaiian's July 10 closing price, according to a statement. Following the deal, expected to close by the end of 2026, First Hawaiian said its shareholders will own about 65% of the combined company, while TriCo shareholders will own 35%. First Hawaiian said it will retain the Tri Counties Bank brand on the mainland, with no planned branch closures, and the combined company will have about $34 billion in assets. First Hawaiian also said it expects to report Q2 diluted earnings per share of $0.60 when it releases results on July 24. Analysts polled by FactSet expect $0.58. Shares of First Hawaiian were down 7% in premarket activity Monday, while TriCo shares were rising 7.8%.
First Hawaiian (FHB) said Monday it has signed a definitive agreement to acquire TriCo Bancshares (TCBK) in an all-stock transaction.
Under the agreement, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valued at $63.12 per share based on First Hawaiian's July 10 closing price, according to a statement.
Following the deal, expected to close by the end of 2026, First Hawaiian said its shareholders will own about 65% of the combined company, while TriCo shareholders will own 35%.
First Hawaiian said it will retain the Tri Counties Bank brand on the mainland, with no planned branch closures, and the combined company will have about $34 billion in assets.
First Hawaiian also said it expects to report Q2 diluted earnings per share of $0.60 when it releases results on July 24.
Analysts polled by FactSet expect $0.58.
Shares of First Hawaiian were down 7% in premarket activity Monday, while TriCo shares were rising 7.8%.