First Hawaiian Bank’s parent company has agreed to acquire TriCo Bancshares in an all‑stock transaction valued at $2.01 billion. The deal will give First Hawaiian investors about 65% of the combined company, while TriCo shareholders will receive just under 2.1 shares of First Hawaiian for each TriCo share they own. Based on First Hawaiian’s recent closing price, each TriCo share is worth roughly $63.12 in the transaction, equating to a valuation of over $2 billion given TriCo’s estimated 31.9 million shares outstanding. Following the announcement, First Hawaiian shares fell about 4% to $29.07, whereas TriCo shares rose 12% to $59.88.

The merger will allow First Hawaiian to expand its footprint and strengthen its balance sheet, while providing TriCo shareholders with a premium for their holdings. Both companies anticipate a smooth transition, with the combined entity expected to benefit from increased scale and synergies across the banking sector.

Investors and analysts are closely monitoring the post‑merger performance, as the deal positions First Hawaiian as a more competitive player in the Pacific banking market.