Commerce Bancshares is set to acquire Florida-based bank holding company FineMark in an all-stock deal valued at around $585m in a move to strengthen its wealth management business in high-growth markets.
Established in 2007, FineMark is the parent entity of FineMark National Bank & Trust, which operates 13 banking offices across Florida, Arizona, and South Carolina.
As of 31 March 2025, FineMark’s assets totalled $4bn with deposits of $3.1bn and loans amounting to $2.6bn. The firm manages approximately $7.7bn in assets through its trust and investment business for around 2,000 clients.
Commerce Bancshares, on the other hand, with assets of $32.4bn, is a regional bank holding company that provides financial services via its subsidiaries. The firm is listed on Nasdaq.
Commerce Bank, a key subsidiary, has a presence of 160 years in delivering banking solutions. It operates full-service facilities across the Midwest and maintains commercial offices in several other US cities including Dallas and Houston.
Commerce Bancshares president and CEO John Kemper said: “FineMark is a natural culture fit, with a history of strong asset quality, a shared client-centric approach to wealth management and banking, and a commitment to building strong communities.
“Together, with over $36bn in assets and over $82bn in wealth assets under administration, we are poised to accelerate growth, expand our reach, and deliver even greater value to clients, shareholders, and the communities we serve for many years to come. This acquisition is about more than scale—it’s about shared purpose and the opportunity to achieve more together.”
FineMark’s shareholders will receive 0.69 shares of Commerce Bancshares’ common stock for each FineMark share under the agreed terms. This exchange equates to a per-share value of $41.87, totalling approximately $585m after considering the preferred stock conversion.
Boards from both companies have approved the merger, which awaits regulatory consent and shareholder approval from FineMark. The transaction is expected to conclude on 1 January 2026.
FineMark chairman and CEO Joseph Catti said: “After several years of getting to know the team at Commerce, we are delighted to have identified a partner that shares these same values and will enable us to continue to grow and further our mission.
“We believe it reflects well on FineMark that a bank of Commerce’s calibre would see the value in what we have created.”
Keefe, Bruyette & Woods served as financial adviser to Commerce Bancshares with legal guidance from Holland & Knight. Piper Sandler & Co. acted as financial adviser for FineMark with legal advice provided by Alston & Bird.
