Jun. 16 at 11:38 AM
$CBSH Commerce Bancshares to acquire FineMark in
$585M all-stock transaction
Commerce Bancshares and FineMark Holdings jointly announced they have entered into a definitive merger agreement pursuant to which Commerce will acquire FineMark in an all-stock transaction valued at approximately
$585M. FineMark is the parent company of FineMark National Bank & Trust, a nationally chartered commercial bank and trust company serving clients through 13 banking offices in Florida, Arizona and South Carolina.
As of March 31, FineMark had assets of
$4B, deposits of
$3.1B and loans of
$2.6B. Under the terms of the agreement, shareholders of FineMark will receive a fixed exchange ratio of 0.690 shares of Commerce common stock for each share of FineMark common stock. The per share value equates to
$41.87 for FineMark shareholders based on the closing price of Commerce common stock on June 13 or approximately
$585M in the aggregate including the conversion of outstanding preferred stock.
The definitive merger agreement has been approved by the board of directors of each company. The transaction remains subject to regulatory approval, approval of FineMark shareholders and other customary closing conditions. Pending these approvals, the transaction is anticipated to close on January 1, 2026.
