Latest news with #FineMark
Yahoo
5 days ago
- Business
- Yahoo
Commerce Bancshares to acquire Florida's FineMark for $585m
Commerce Bancshares, a bank holding company headquartered in Missouri, has agreed to acquire Florida-based FineMark Holdings (FineMark), in an all-stock deal valued at around $585m. FineMark, established in 2007, offers asset management, banking, and investments services. It is the parent of FineMark National Bank & Trust, a chartered bank and trust company with 13 banking offices across Florida, Arizona, and South Carolina. The deal will see FineMark shareholders getting 0.690 shares of Commerce common stock for each share held. Both companies' boards of directors have approved the merger deal. Commerce expects the acquisition to enhance its 'wealth management business in high-growth markets'. The completion of the merger is expected on 1 January 2026, contingent upon regulatory approval, the consent of FineMark shareholders, and other standard closing conditions. Commerce president and CEO John Kemper called FineMark a 'natural culture fit'. Kemper stated: 'Together, with over $36 billion in assets and over $82 billion 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." As of 31 March 2025, FineMark reported assets of $4bn, deposits of $3.1bn, and loans of $2.6bn. Its Trust and Investment division manages approximately $7.7bn in assets under administration (AUA) for around 2,000 clients. FineMark chairman and CEO Joseph R. Catti said: 'We believe it reflects well on FineMark that a bank of Commerce's calibre 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 towards the next chapter of our combined organisation's legacy." "Commerce Bancshares to acquire Florida's FineMark for $585m" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
Commerce Bancshares to buy Florida peer FineMark in $585 million deal
(Reuters) -U.S. regional bank Commerce Bancshares has agreed to acquire rival FineMark Holdings in an all-stock deal valued at $585 million, the companies said on Monday. Consolidation among U.S. banks is expected to heighten as rising technology and compliance costs push lenders to scale via mergers and acquisitions. A lighter regulatory touch under the Trump administration is also fueling prospects of bigger deals. Shareholders will receive 0.69 shares of Commerce for each share of FineMark they hold. As of the market close on Friday, the terms represent a 54.7% premium for FineMark shareholders, according to Reuters calculations. Founded in 2007, Florida-based FineMark offers wide-ranging banking and non-banking services to clients through 13 offices in Florida, Arizona and South Carolina. The bank had $4 billion in assets, as of March 31. The company's trust and investment business holds assets under administration of around $7.7 billion. "Together, with over $36 billion in assets and over $82 billion in wealth assets under administration, we are poised to accelerate growth, expand our reach, and deliver even greater value,," said John Kemper, CEO of Kansas City, Missouri-based Commerce Bancshares. Keefe, Bruyette & Woods acted as financial adviser to Commerce Bancshares, while Piper Sandler advised FineMark. The transaction is expected to close on January 1. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Commerce Bancshares to buy Florida peer FineMark in $585 million deal
(Reuters) -U.S. regional bank Commerce Bancshares has agreed to acquire rival FineMark Holdings in an all-stock deal valued at $585 million, the companies said on Monday. Consolidation among U.S. banks is expected to heighten as rising technology and compliance costs push lenders to scale via mergers and acquisitions. A lighter regulatory touch under the Trump administration is also fueling prospects of bigger deals. Shareholders will receive 0.69 shares of Commerce for each share of FineMark they hold. As of the market close on Friday, the terms represent a 54.7% premium for FineMark shareholders, according to Reuters calculations. Founded in 2007, Florida-based FineMark offers wide-ranging banking and non-banking services to clients through 13 offices in Florida, Arizona and South Carolina. The bank had $4 billion in assets, as of March 31. The company's trust and investment business holds assets under administration of around $7.7 billion. "Together, with over $36 billion in assets and over $82 billion in wealth assets under administration, we are poised to accelerate growth, expand our reach, and deliver even greater value,," said John Kemper, CEO of Kansas City, Missouri-based Commerce Bancshares. Keefe, Bruyette & Woods acted as financial adviser to Commerce Bancshares, while Piper Sandler advised FineMark. The transaction is expected to close on January 1.
Reuters
6 days ago
- Business
- Reuters
Commerce Bancshares to buy Florida peer FineMark in $585 million deal
June 16 (Reuters) - U.S. regional bank Commerce Bancshares (CBSH.O), opens new tab has agreed to acquire rival FineMark Holdings ( opens new tab in an all-stock deal valued at $585 million, the companies said on Monday. Consolidation among U.S. banks is expected to heighten as rising technology and compliance costs push lenders to scale via mergers and acquisitions. A lighter regulatory touch under the Trump administration is also fueling prospects of bigger deals. Shareholders will receive 0.69 shares of Commerce for each share of FineMark they hold. As of the market close on Friday, the terms represent a 54.7% premium for FineMark shareholders, according to Reuters calculations. Founded in 2007, Florida-based FineMark offers wide-ranging banking and non-banking services to clients through 13 offices in Florida, Arizona and South Carolina. The bank had $4 billion in assets, as of March 31. The company's trust and investment business holds assets under administration of around $7.7 billion. "Together, with over $36 billion in assets and over $82 billion in wealth assets under administration, we are poised to accelerate growth, expand our reach, and deliver even greater value,," said John Kemper, CEO of Kansas City, Missouri-based Commerce Bancshares. Keefe, Bruyette & Woods acted as financial adviser to Commerce Bancshares, while Piper Sandler advised FineMark. The transaction is expected to close on January 1.
Business Wire
6 days ago
- Business
- Business Wire
Shareholder Alert: The Ademi Firm Investigates Whether FineMark Holdings, Inc. Is Obtaining a Fair Price for Its Public Shareholders
MILWAUKEE--(BUSINESS WIRE)--The Ademi Firm is investigating FineMark (OTCQX: FNBT) for possible breaches of fiduciary duty and other violations of law in its transaction with Commerce Bancshares. Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ or toll-free: 866-264-3995. There is no cost or obligation to you. In the tender offer transaction, 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, 2025, or approximately $585 million in the aggregate including the conversion of outstanding preferred stock. FineMark insiders will receive substantial benefits as part of change of control arrangements. The transaction agreement unreasonably limits competing transactions for FineMark by imposing a significant penalty if FineMark accepts a competing bid. We are investigating the conduct of the FineMark board of directors, and whether they are fulfilling their fiduciary duties to all shareholders. We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
