Founded in 2007, FineMark Holdings, Inc. (OTCQX: FNBT or “the company”), through its subsidiary, FineMark National Bank & Trust (“the bank” or “FineMark”), offers traditional banking services, including a sizable trust and wealth management business, catering to high-net-worth clients seeking long-term, high-touch fiduciary and banking relationships.
Headquartered in Fort Myers, FL, the bank currently operates 14 banking offices in relatively affluent areas of Florida, Arizona, and South Carolina.
The loan portfolio is concentrated in first-lien, large residential real estate lending, which has consistently represented more than 50% of loans; various commercial loans comprise the remainder of the loan portfolio.
The bank’s trust and investment management businesses perennially constitute 25%-30% of revenue. Total AUA as of 1Q24 was $7.4 billion.
Key Credit Considerations
The ratings and Stable Outlook are underpinned…
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