India, July 13 -- Shares of TriCo Bancshares (TCBK) climbed about 11% on Monday after First Hawaiian, Inc. (FHB) agreed to acquire the regional bank in an all-stock transaction valued at $63.12 per TriCo share.
The stock is currently trading at $59.69, up $6.05, or 11.28%, after opening at $56.15. It previously closed at $53.64 and has traded in a 52-week range of $39.69 to $60.25.
The combination will create the sixth-largest bank headquartered in the Western U.S., with approximately $34 billion in assets, expanding First Hawaiian's mainland presence while retaining the Tri Counties Bank brand in California. Under the agreement, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share and will own about 35% of the...