Commerce Bancshares expanding through Florida buy

Kansas City, Mo.-based Commerce Bancshares is expanding by acquiring Fort Myers, Fla.-based FineMark Holdings in a $585 million, all-stock deal. .The two banks are expected to have more than $36 billion in assets and $82 billion in wealth assets under administration. As of March 31, Commerce Bancshares had $32.4 billion in assets, $25.8 billion in deposits and $17.4 billion in loans. The company has branches in Missouri, Illinois, Kansas, Oklahoma and Colorado and offers commercial payments services nationwide. Established in 2007, the $4 billion FineMark Holdings is the parent company of FineMark National Bank & Trust, which has 13 branches in Florida, Arizona and South Carolina. As of March 31, FineMark had $3.1 billion of deposits and $2.6 billion in loans. FineMark’s trust and investment business provides services to approximately 2,000 clients with $7.7 billion in assets under administration. “We are excited to welcome FineMark, marking a strategic milestone that is the culmination of years of relationship building, mutual trust and shared values,” said Commerce CEO and President John Kemper. “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.” The deal is expected to close on Jan. 1. “FineMark’s higher-growth markets and exceptional team of professionals provide a platform for continued growth, building on our existing presence in Florida and expanding our footprint in attractive new geographies,” added Commerce Trust President and CEO John Handy.