This merger makes Kansas City, Missouri-based Commerce the 15th largest bank-managed trust company based on assets under management, the company said in a Thursday (Jan. 1) press release. It has $36 billionof assets and $90 billion of assets under administration.
The transaction also gives Commerce’s private banking and wealth management business new locations in Arizona and South Carolina, adding to its existing presence in Florida, according to the release.
“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,” Commerce President and CEO John Kemper said in the release. “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.”
Following the closing of the transaction, FineMark National Bank & Trust was merged with and into Commerce Bank, and it will now operate as FineMark Bank & Trust, a division of Commerce Bank, according to the release.
In its own announcement of the completion of the transaction, FineMark said: “This partnership brings together two organizations rooted in personalized service, trusted relationships and a shared commitment to our clients and communities. Together with Commerce, we’re expanding our capabilities while remaining grounded in the service and trust our clients know us for.”
Commerce announced its plans to acquire FineMark in June, saying in a press release that the acquisition would bolster Commerce’s wealth management business in high-growth markets.
In a presentation released the same day, Commerce said FineMark offers “concierge wealth management and banking” at 13 locations, including 10 in Florida, two in Scottsdale, Arizona, and one in Charleston, South Carolina.
Commerce said in an earnings highlights presentation released in July that the acquisition would add these locations to the wealth management services it already provides in its core banking footprint in the Midwest and through offices in Dallas, Houston and Naples.
The company added that it would also gain niche wealth expertise that includes the services FineMark provides to sports professionals.
Commerce added that there is an opportunity to grow the FineMark business by adding Commerce’s broader product suite.
