WASHINGTON (dpa-AFX) - Commerce Bancshares, Inc. (CBSH) and FineMark Holdings have entered into a merger agreement pursuant to which Commerce will acquire FineMark in an all-stock deal valued at approximately $585 million. The shareholders of FineMark will receive a fixed exchange ratio of 0.690 shares of Commerce common stock for each share of FineMark common stock. The per share value equates to $41.87 for FineMark shareholders, or approximately $585 million in the aggregate including the conversion of outstanding preferred stock.
FineMark is the parent company of FineMark National Bank & Trust, a nationally chartered commercial bank and trust company serving clients through 13 banking offices in Florida, Arizona and South Carolina.
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