DENVER (July 17, 2026) – Holland & Knight advised Chico, California-based TriCo Bancshares (NASDAQ: TCBK), parent company of Tri Counties Bank, in its pending combination with Honolulu-based First Hawaiian Inc. (NASDAQ: FHB), parent company of First Hawaiian Bank, in an all-stock transaction valued at approximately $2 billion at announcement. The transaction was announced on July 13, 2026, and is expected to close by the end of 2026, subject to the receipt of required regulatory approvals, approval by First Hawaiian and TriCo shareholders, and satisfaction of customary closing conditions.
The transaction will create a bank with approximately $34 billion in assets, positioning it as the sixth-largest bank headquartered in the western U.S., while expanding First Hawaiian's mainland presence and diversifying its geographic footprint. Pursuant to the terms of the agreement, TriCo's shareholders will receive 2.095 shares of First Hawaiian for each TriCo share, representing $63.12 per share as of First Hawaiian's closing stock price on July 10, 2026. Upon closing of the transaction, First Hawaiian and TriCo shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the combined company.
Holland & Knight Partners Shawn Turner and Emily Hantverk (Capital Markets) led the Firm's representation of TriCo. Members of the Holland & Knight team included, among others, Associates Amelia Occhino and Nicole Lamanna (M&A) and Partner Eric Rubin and Associate Avery Ozimek (Executive Compensation & Benefits).
More information on the transaction can be found here.
Recently recognized as M&A Law Firm of the Year by M&A Advisor, Holland & Knight regularly ranks among the leading M&A law firms in reputable benchmarking league tables published by Bloomberg, LSEG, Mergermarket, PitchBook and The Deal. Holland & Knight is also nationally recognized for Banking & Finance by both Chambers USA and The Legal 500 and, within the past five years, advised on two transactions named Financial Services Deal of the Year by Global M&A Network.