08:19 AM EDT, 06/16/2025 (MT Newswires) -- Commerce Bancshares ( CBSH ) agreed to acquire FineMark Holdings in an all-stock deal valued at about $585 million, the companies said Monday.

Under the deal, which has been approved by both companies' boards, FineMark shareholders will receive 0.69 Commerce common shares for each FineMark common share, equating to $41.87 for FineMark shareholders based on the Friday closing price of Commerce common stock, the companies said.

The deal is expected to close Jan. 1, according to the companies.

FineMark, the parent company of FineMark National Bank & Trust, had assets of $4 billion, deposits of $3.1 billion and loans of $2.6 billion as of March 31, the companies said.