HONOLULU — First Hawaiian Bank announced Monday that it has reached an agreement to acquire California-based TriCo Bank in an all-stock transaction that would lift First Hawaiian, Inc.'s assets to about $34 billion, making it the sixth-largest bank headquartered in the Western United States.
What the deal does
Under the agreement between the two parent companies, First Hawaiian, Inc. and TriCo Bancshares, First Hawaiian will absorb TriCo but plans to retain the TriCo brand on the mainland. Company leaders said no branch closures are expected as a result of the merger. The transaction is subject to regulatory approvals and is expected to close by the end of the year.
“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 First Hawaiian.
Four current TriCo directors, including TriCo Chairman, President and CEO Rick Smith, are slated to join First Hawaiian’s board of directors. Smith said the two banks share similar commitments to long-term customer relationships and local decision-making, and that First Hawaiian brings scale, capital and expanded product capabilities.
Local stakes and implications
The deal would deepen First Hawaiian’s presence on the mainland while keeping its operational base in Hawaii. For island customers and communities, the transaction could mean access to a broader range of banking products and greater capital resources from a larger regional institution. Regulators will evaluate the merger for competitive and safety concerns, and customers on both sides of the Pacific will be watching whether branch operations and service levels remain steady.
- Assets post-merger: about $34 billion
- Regional ranking: sixth largest bank headquartered in the Western U.S.
- Branding: TriCo name to remain on the mainland
- Branches: no closures expected, per the companies
- Timing: expected to close by year-end, pending regulatory approval
What remains to be decided
The companies said the transaction will move forward after customary regulatory reviews. Those approvals will consider the combined bank’s financial strength, competitive impacts in local markets and the ability to continue serving customers and communities. The companies did not provide additional financial terms beyond the all-stock structure and the projected asset total.
| Metric | Value |
|---|---|
| Combined assets | $34 billion |
| Regional rank (W. U.S.) | 6th largest headquartered bank |
| Expected branch closures | No closures expected |
The acquisition follows a period of consolidation in the banking sector and reflects First Hawaiian’s strategy to broaden its mainland operations while maintaining ties to local communities. For customers in Hawaii, the immediate practical takeaway is that day-to-day banking should continue uninterrupted; longer-term effects will depend on how the combined company integrates products and services across state lines.
Regulators and community stakeholders will continue to monitor the merger as it proceeds through the necessary approval processes. If completed, the deal would further position First Hawaiian as a larger regional player with expanded capabilities to serve both island and mainland customers.
— Leilani Akana, Hawaii Correspondent
