TriCo Bancshares (NASDAQ:TCBK) shares rose sharply on Monday after the company announced it had agreed to be acquired by First Hawaiian Inc. (NASDAQ:FHB) in an all-stock transaction. The stock was seen trending at the time of writing.
TriCo closed Monday’s regular session at $60.07, up 11.99%. In after-hours trading, the stock edged down 0.03% to $60.05.
TriCo Bancshares is the parent company of Tri Counties Bank, a California-based community bank offering consumer, small business and commercial banking services.
Acquisition Deal
Under the agreement, First Hawaiian will acquire TriCo in an all-stock transaction, creating a combined company with approximately $34 billion in assets that is expected to become the sixth-largest bank headquartered in the Western U.S.
TriCo shareholders will receive 2.095 shares of First Hawaiian common stock for each TriCo share, representing $63.12 per share based on First Hawaiian’s July 10 closing price. Upon closing, First Hawaiian shareholders are expected to own about 65% of the combined company, while TriCo shareholders will own the remaining 35%.
The companies said Tri Counties Bank will retain its branding on the mainland, with no expected branch closures as part of the transaction. The deal is expected to close by the end of 2026, subject to shareholder, regulatory and customary closing approvals.
Trading Metrics
TriCo Bancshares has a market capitalization of approximately $1.92 billion, with a 52-week high of $60.42 and a 52-week low of $39.84.
Over the past 12 months, TCBK shares have gained 39.67%.
Benzinga Edge Stock Rankings indicate TCBK has a positive price trend across the short, medium and long term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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