TriCo Bancshares to be acquired by First Hawaiian in stock-for-stock merger at 2.095x exchange ratio

TRICO BANCSHARES /

• TriCo shareholders to receive 2.095 shares of FHI common stock per TriCo share; fractional shares paid in cash.
• Termination fee of $80 million payable by either party under specified circumstances.
• TriCo CEO Richard P. Smith granted $2.5 million special transaction bonus, payable at closing in cash or restricted stock units.
• Four TriCo directors to join FHI's board of directors at closing.
• Merger subject to regulatory approvals (Federal Reserve, FDIC, state regulators) and shareholder votes of both companies.