Commerce Bancshares has completed its purchase of FineMark Holdings, the parent company of FineMark National Bank & Trust.
The all-stock transaction, valued at approximately $585m, was announced in June last year.
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Upon the merger, Commerce Bancshares reported total assets of around $36bn and assets under administration of $90bn.
This places the company 15th among US bank-managed trust firms by assets under management, according to pro forma figures as of 30 September.
Commerce president and CEO John Kemper said: “We are delighted to announce the completion of the FineMark transaction, officially welcoming FineMark into our organisation. 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, we are positioned to accelerate growth, expand our reach, and deliver even greater value to clients, shareholders, and our communities for many years to come.”
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By GlobalDataThe acquisition broadens Commerce Bancshares’ reach in private banking and wealth management, adding new locations in Arizona and South Carolina.
Shortly after the completion of the deal, FineMark National Bank & Trust was merged into Commerce Bank.
The former FineMark branches will now operate as FineMark Bank & Trust, a division within Commerce Bank, retaining their current locations and maintaining ongoing client-advisor relationships.
Joseph Catti will take on the role of Chairman at Commerce Trust and will continue to oversee the FineMark Bank & Trust division under the new structure.
Integration of operational systems is scheduled for the latter half of 2026.
