U.S. Mid- and Small-Cap Banks M&A Bi-Weekly Report: Nine Bank Deals; First Hawaiian to Acquire TriCo in ~ $2B All-Stock Deal; YTD Deals: 96

研报英文原文证据摘录

U.S. Mid- and Small-Cap Banks M&A Bi-Weekly Report: Nine Bank Deals; First Hawaiian to Acquire TriCo in ~ $2B All-Stock Deal; YTD Deals: 96

J P M O R G A N North America Equity Research

28 July 2026

U.S. Mid- and Small-Cap Banks

M&A Bi-Weekly Report

Nine Bank Deals; First Hawaiian to Acquire TriCo in ~

$2B All-Stock Deal; YTD Deals: 96

• Nine bank deal announcements in the past two weeks, putting the 3Q26 U.S. Mid and Small Cap Banks

AC QTD deal count at 12 vs. eight in 2Q26 QTD and 24 in 3Q25 QTD. The 2026 Anthony Elian, CFA

YTD deal count sits at 96 vs. 99 in the 2025 YTD period. The Midwest market (1-212) 622-5067

has seen the highest number of deals this year with 47 announcements. The anthony.elian@jpmorgan.com

3Q26 QTD average deal size stands at $235.8mm (vs. $27.6mm in 2Q26 QTD Michael Pietrini

and $452.4mm in 3Q25 QTD), along with an average of $1.5B in assets (1-212) 622-0618

acquired vs. $320mm in 2Q26 QTD and $3.5B in 3Q25 QTD. The 2026 YTD michael.pietrini@jpmorgan.com

J.P. Morgan Securities LLC

average deal size stands at $211mm (vs. $186mm in 2025 YTD), along with an

average of $1.6B in assets acquired vs. $1.7B in the comparable period.

• First Hawaiian to acquire TriCo Bancshares (CA) in ~$2.0B all-stock deal.

In a transaction announced July 13, First Hawaiian will acquire TriCo, adding

~$10B assets and expanding its presence across California while creating the

leading Pacific banking franchise. The combined company will have ~$34B

assets, ~$29B deposits, ~$21.5B loans, and 117 branches across Hawaii,

Guam, Saipan, and California. TriCo shareholders will receive 2.095 First

Hawaiian shares for each TriCo share, implying consideration of $63.12 per

share based on First Hawaiian’s July 10 closing price. Deal close expected by

year-end 2026.