TriCo Sets October 29 Vote on $2B First Hawaiian Merger; Deal Value Slips to $54.16/Share
TCBK sits 32% above its 52-week low of $40.44.
Summary
TriCo Bancshares filed its definitive proxy for the First Hawaiian merger, setting an October 29 shareholder vote and revealing the deal value has fallen to $54.16 per share from $63.12 at announcement due to FHB's stock decline.
Key Events · M&A and Partnerships · TCBK
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Special Meeting Set for October 29
TriCo shareholders will vote on the merger agreement at a virtual special meeting on October 29, 2026 at 1:00 p.m. Pacific Time. Record date is September 11, 2026, with 31,966,630 shares outstanding.
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Merger Value Declines to $54.16/Share
The fixed 2.095 exchange ratio now implies $54.16 per TriCo share based on FHB's September 15 closing price of $25.85, down from $63.12 at announcement on July 10. TriCo shareholders bear the full downside of FHB's 14% stock decline.
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67.1M FHB Shares to Be Issued
First Hawaiian expects to issue approximately 67.1 million shares, giving existing FHB stockholders 65% and former TriCo shareholders 35% of the combined company.
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Regulatory Filings Underway
Applications filed with FDIC (August 9), Federal Reserve, Hawaii DFI, and California DFPI (August 10). Both banks hold 'Outstanding' CRA ratings, supporting approval prospects.
Analysis · TCBK · Finance
The definitive proxy statement locks in the shareholder vote date and reveals the merger consideration has declined from $63.12 to $54.16 per TriCo share since announcement, reflecting a 14% drop in First Hawaiian's stock price. TriCo shareholders will receive a fixed 2.095 exchange ratio, meaning they bear the full downside of FHB's price decline. The filing also discloses an $80 million termination fee, regulatory applications already filed with four agencies, and detailed golden parachute compensation for TriCo executives totaling over $21 million across five named officers. With the vote set for October 29, this is the final push to secure the two-thirds TriCo shareholder approval required to close the deal.
How filings like this one have moved
In the 30 days to Sep 16, 2026, 34.8% of the 1152 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, TCBK was trading at $53.38 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $40.44 to $61.71. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.