M&A · Financials · State Commercial Banks
First Hawaiian, Inc. to acquire Trico Bancshares
Announced Jul 13, 2026 · Pending Sep 16, 2026
Deal value$2.01B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$63.12 per share
Transaction
- Acquirer
- First Hawaiian, Inc. (FHB)
- Target
- Trico Bancshares (TCBK)
- Buyer type
- Strategic
- Offer price per share
- $63.12
- Enterprise value
- —
- Status
- Pending Sep 16, 2026
Deal protections
- Break fee (target pays)
- $80.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Evercore
- To the target
- Stifel
- Evercore fee
- $19.0M
Sector context · Financials
- Comparable deals
- 75 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedJul 13, 2026
- Proxy filedSep 16, 2026
- Definitive proxySep 16, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesEvercore$26.25$32.50
Trading comparablesEvercore$23.31$30.59
Trading comparablesEvercore$26.22$30.59
Discounted cash flowEvercore$25.87$30.85
Trading comparablesEvercore$45.94$56.88
Discounted cash flowStifel$47.84$56.95
Discounted cash flowStifel$25.78$30.62
Offer $63.12
Implied value per Trico Bancshares share by analysis, from Evercore and Stifel · DCF discount rate 10.5%–12.5%.