KBRA Comments on FineMark Holdings, Inc.'s Preferred Stock Issuance

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--On March 29, 2024, Fort Myers, Florida based FineMark Holdings, Inc. (OTCQX: FNBT or “the company”) announced that it had completed the issuance of $30 million noncumulative perpetual convertible preferred stock, which bears an annual dividend rate of 7.25% and is convertible to common stock at $27.50 per share after 63 months. The majority of the proceeds ($28 million) was downstreamed to its subsidiary, FineMark National Bank & Trust (“the bank”) to increase com