FineMark National Bank & Trust, which once operated out of a renovated former Blockbuster Video space in south Fort Myers after being founded in 2007, just announced a merger agreement with Commerce Bancshares Inc.
The parent company of Commerce Bank, based in Kansas City, Missouri, will acquire FineMark in an all-stock transaction worth about $585 million, according to FineMark’s news release.
FineMark has 13 bank offices and about 2,000 clients in Florida, Arizona and South Carolina and has assets of about $4 billion, deposits of $3.1 billion and loans of $2.6 billion, according to FineMark’s release.
“We are thrilled to welcome FineMark’s team, clients and shareholders to Commerce,” Joe Catti, chairman and CEO of FineMark said in a news release. “When we started FineMark in February 2007, the mission was to build extraordinary relationships by going above and beyond. Central to this mission is our culture.
“We work every day to build and protect the primary attributes, which include integrity, hard work, caring and serve to others – both in the bank and in the communities we serve. 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 caliber would see the value in what we have created. We are excited to announce a partnership that will benefit both institutions, our clients and shareholders while also positioning us to work together toward the next chapter in our combined organization’s legacy.”
The Commerce Bank leadership also expressed excitement over the pending merger.
“FineMark is a natural cultural 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,” John Kemper, president and CEO of Commerce, said in a news release.
The merger would give Commerce Bank more than $36 billion in assets and more than $82 billion in wealth assets under management.
“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,” John Handy, president and CEO of Commerce Trust said.
Regarding the transaction, Keefe, Bruyette & Woods, a Stifel company, served as financial advisor and Holland & Knight LLP acted as legal advisor to Commerce. Piper Sandler & Co. served as financial advisor and Alston & Bird LLP acted as legal advisor to FineMark, according to the news release.
With $32.4 billion in assets, Commerce Bancshares Inc., trading as CBSH on NASDAQ, is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, investment management and securities brokerage. “One of its subsidiaries, Commerce Bank, leverages 160 years of proven strength and experience to help individuals and businesses solve financial challenges,” according to the release.
