Commerce Bank moves into high-growth Florida markets through M&A
In its first bank acquisition in a dozen years, Commerce Bank is buying FineMark National Bank & Trust in an all-stock deal for $585 million.
Commerce Bancshares will expand its Florida footprint with the acquisition of Fort Myers-based FineMark National Bank & Trust.
The Kansas City-based parent company of Commerce Bank agreed to acquire the $4 billion-asset FineMark for $585 million, the company said in a press release Monday.
“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,” said John Kemper, President and CEO of Commerce, in the release.
Founded just 18 years ago, FineMark has 13 branches in Florida, Arizona and South Carolina holding deposits of $3.1 billion and loans of $2.6 billion.
The acquisition is expected to be roughly 6% accretive to 2026 earnings, with a tangible book value per share earnback period of 1.6 years, Commerce disclosed.
Pending standard approvals, the transaction is anticipated to close on Jan. 1, 2026.
“When we started FineMark in February 2007, the mission was to build extraordinary relationships by going above and beyond,” said Joseph Catti, Chairman and CEO of FineMark. “We work every day to build and protect the primary attributes which include integrity, hard work, caring and service to others — both in the bank and in the communities we serve.”
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Commerce Bancshares has $32.4 billion in assets and operates branches across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver.
The company also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids and wealth offices in Dallas, Houston and Naples, Florida.
But Kemper said the deal is about more than scale. “It’s about shared purpose and the opportunity to achieve more together,” he said.
Commerce is also getting FineMark’s Trust and Investment business that delivers a suite of personalized services to approximately 2,000 clients with approximately $7.7 billion in assets under administration.
John Handy, President and CEO of Commerce Trust, said FineMark’s higher-growth markets provide a platform for continued growth, where Commerce can build on its existing presence in Florida and expand its footprint in attractive new geographies.
Under the terms of the agreement, FineMark shareholders will receive 0.690 shares of Commerce common stock for each share of FineMark common stock owned.
FineMark National Bank & Trust reported net income of more than $4.5 million for the first quarter of 2025 compared to roughly $1.3 million in the year-ago quarter.
For Commerce Bank, first quarter net income was nearly $135 million compared to $106 million in the first quarter of 2024.
The last bank acquired by Commerce was Summit Bancshares in Oklahoma in 2013.
“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.”
– John Kemper
President and CEO
Commerce Bancshares
