First Hawaiian agrees to buy TriCo Bancshares in stock deal with 2.095 exchange ratio

First Hawaiian entered a two-step merger deal with TriCo Bancshares on July 12, 2026, combining the parent companies and then merging their bank subsidiaries.

TriCo shareholders will receive 2.095 shares of First Hawaiian common stock per TriCo share, with cash paid in lieu of fractional shares.

TriCo equity awards will be converted into First Hawaiian stock-based awards or vested shares, with performance awards generally reset to target and adjusted for the exchange ratio.