Honolulu, Hawaii-based First Hawaiian, Inc., is expanding in California by acquiring TriCo Bancshares, Chico, in an all-stock deal. .The deal, expected to close by the end of this year, will create a $34 billion bank, the sixth-largest bank headquartered in the Western United States. Following the deal, First Hawaiian shareholders will own 65 percent of the company, with TriCo shareholders holding 35 percent. First Hawaiian is the parent company of First Hawaiian Bank. TriCo Bancshares is the parent company of Tri Counties Bank. As of May 1, First Hawaiian Bank had $24.2 billion in assets, $18.4 billion in domestic deposits and $20.7 billion in deposits. As of April, Tri Counties Bank had nearly $10 billion in assets, $8.4 billion in deposits and $6.9 billion in net loans and leases. "This partnership creates a broader platform for long-term growth,” said First Hawaiian Chair, President and CEO Bob Harrison. “TriCo is an ideal partner to execute this next phase of our growth: a well-managed, relationship-focused bank in California with a strong deposit franchise, disciplined credit culture, experienced local leadership and deep commitment to its communities.” Evercore was financial advisor to First Hawaiian, while Sullivan & Cromwell provided legal counsel. Keefe, Bruyette & Woods was financial advisor to TriCo, while Holland & Knight LLP was legal counsel.
