First Hawaiian Bank to acquire Tri Counties Bank

HONOLULU (HawaiiNewsNow) – First Hawaiian Bank announced Monday its plans to acquire California-based TriCo Bank.

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First Hawaiian, Inc. and TriCo Bancshares, the parent companies of the two financial institutions, entered into an agreement that First Hawaiian will acquire TriCo in an all-stock transaction.

As a result of the merger, FHB will have about $34 billion worth of assets, making it the sixth largest bank headquartered in the Western U.S.

FHB leaders say this acquisition will expand their presence on the mainland, offering customers there a full suite of banking capabilities.

“Together, we will preserve what has made both companies successful while creating a stronger and more diversified bank,” said Bob Harrison, Chairman, President, and CEO of FHB. “I could not be more excited to partner with TriCo.”

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Four current TriCo directors, including Chairman, President, and CEO Rick Smith, will join the FHB Boards of Directors.

“TriCo has built its franchise around long-term customer relationships, local decision-making and a commitment to the communities we serve,” Smith said. “First Hawaiian shares those values and brings the scale, capital strength and broader product capabilities to help us do even more for our customers and communities.”

FHB will retain TriCo’s branding on the mainland, and no branches are expected to close due to the deal.

The transaction is expected to close by the end of the year, pending regulatory approvals.

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