First Hawaiian pushes into California with TriCo Bancshares deal

First Hawaiian, Inc. agreed to acquire TriCo Bancshares, a deal the bank says will create a leading Pacific banking franchise and accelerate its mainland expansion. The combination joins two deposit-focused platforms, extending First Hawaiian’s reach beyond its core Hawaii market into TriCo’s Northern and Central California footprint. First Hawaiian is the largest financial institution headquartered in Hawaii, while TriCo is the parent of Tri Counties Bank, a community-focused lender. Markets responded: First Hawaiian shares fell 4.2% Monday morning as TriCo Bancshares climbed nearly 11%.