First Hawaiian pushes into California with TriCo Bancshares deal

First Hawaiian, Inc. (NASDAQ:FHB) has agreed to get TriCo Bancshares (NASDAQ:TCBK), a operation the slope said volition make the starring Pacific banking franchise and accelerate its enlargement connected the US mainland.

First Hawaiian described the transaction arsenic a strategical measurement that pairs 2 deposit-focused banking platforms, extending its scope beyond its halfway Hawaii marketplace into TriCo's California footprint.

First Hawaiian, the holding institution for First Hawaiian Bank, is the largest fiscal instauration headquartered successful Hawaii, with a franchise built connected retail and commercialized deposits crossed the islands.

TriCo Bancshares is the genitor of Tri Counties Bank, a community-focused lender operating crossed Northern and Central California.

The pairing of deposit platforms sits astatine the halfway of the rationale, arsenic low-cost deposits underpin a bank's backing and lending capacity.

Shares of First Hawaiian dropped 4.2% connected Monday greeting portion TriCo Bancshares was up astir 11%.