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Commerce Bancshares concludes acquisition of FineMark
Yahoo Finance· 2026-01-05 12:42
Core Insights - Commerce Bancshares has successfully completed the acquisition of FineMark Holdings, valued at approximately $585 million, which was announced in June of the previous year [1] - The merger positions Commerce Bancshares with total assets of around $36 billion and assets under administration of $90 billion, ranking it 15th among US bank-managed trust firms by assets under management as of September 30 [1] Group 1: Acquisition Details - The acquisition enhances Commerce Bancshares' presence in private banking and wealth management, adding new locations in Arizona and South Carolina [3] - FineMark National Bank & Trust has been merged into Commerce Bank following the completion of the deal [3] - The former FineMark branches will operate as FineMark Bank & Trust, a division within Commerce Bank, maintaining their current locations and client-advisor relationships [4] Group 2: Leadership and Integration - Joseph Catti will serve as Chairman at Commerce Trust and will oversee the FineMark Bank & Trust division under the new structure [4] - Integration of operational systems is planned for the latter half of 2026 [4] Group 3: Company Vision - The CEO of Commerce Bancshares expressed optimism about the merger, highlighting the cultural fit and shared commitment to client-centric wealth management and community building [2][3]