Commerce Bancshares, Inc. (CBSH): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Commerce Bancshares, Inc. (CBSH) surge como una potencia financiera dinámica, navegando estratégicamente el complejo panorama de la banca del medio oeste con su modelo de negocio innovador y centrado en el cliente. Al combinar a la perfección los servicios bancarios tradicionales con soluciones digitales de vanguardia, CBSH ha creado un enfoque único que trasciende las ofertas financieras convencionales, dirigidas a diversos segmentos de clientes de clientes minoristas individuales a individuos de alto nivel de red y negocios regionales. Su estrategia integral aprovecha la tecnología avanzada, el servicio personalizado y la comprensión profunda del mercado local para crear un ecosistema bancario robusto y adaptable que los distinga en la industria competitiva de servicios financieros.

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con empresas regionales de tecnología financiera

Commerce BancShares ha establecido asociaciones de tecnología clave con los siguientes proveedores de tecnología financiera:

Pareja	Enfoque tecnológico	Año de asociación
FIS (Fidelity National Information Services)	Plataforma bancaria central	2022
Jack Henry & Asociado	Soluciones de banca digital	2021
Fiserv	Sistemas de procesamiento de pagos	2023

Colaboración con empresas locales para servicios de banca comercial

Commerce BancShares mantiene asociaciones estratégicas en múltiples sectores comerciales:

• Asociaciones de préstamos de Administración de Pequeñas Empresas (SBA)
• Financiación de desarrollo inmobiliario comercial
• Redes de préstamos agrícolas en Missouri, Kansas, Illinois

Sector empresarial	Acuerdos totales de asociación	Volumen de negocios anual
Pequeño negocio	487 asociaciones activas	$ 214 millones
Inmobiliario comercial	129 asociaciones de desarrollo	$ 342 millones
Préstamo agrícola	203 conexiones de red regionales	$ 156 millones

Asociaciones con proveedores de seguros para soluciones financieras integradas

La red de asociación de seguros incluye:

• Seguro nacional
• Seguro de viajero
• Libertad Mutual

Socio	Tipo de servicio	Volumen de referencia anual
Seguro nacional	Seguro personal/comercial	4.237 referencias
Seguro de viajero	Gestión de riesgos comerciales	3.912 referencias
Libertad Mutual	Seguro de propiedad comercial	2,845 referencias

Relaciones con redes de procesamiento de tarjetas de crédito

Commerce BancShares mantiene asociaciones críticas de procesamiento de pagos:

Red	Volumen de transacción	Ingresos de procesamiento anual
Visa	12.4 millones de transacciones	$ 87.3 millones
Tarjeta MasterCard	9.6 millones de transacciones	$ 64.5 millones
tarjeta American Express	3.2 millones de transacciones	$ 22.1 millones

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: actividades clave

Servicios de banca minorista y comercial

Commerce Bancshares opera 362 ubicaciones bancarias en Missouri, Kansas, Illinois y Oklahoma a partir de 2023. Los activos totales informaron en $ 59.4 mil millones con $ 44.2 mil millones en préstamos totales y $ 51.8 mil millones en depósitos totales.

Categoría de servicio bancario	Ingresos anuales	Segmento de clientes
Banca comercial	$ 872 millones	Clientes comerciales
Banca minorista	$ 456 millones	Consumidores individuales

Desarrollo de la plataforma de banca digital

Las transacciones bancarias digitales aumentaron en un 28% en 2023, lo que representa el 67% de las interacciones totales del cliente.

• Aplicación de banca móvil con 1.2 millones de usuarios activos
• Volumen de procesamiento de transacciones en línea: $ 14.3 mil millones anuales
• Tasa de apertura de la cuenta digital: 42% de las cuentas nuevas

Gestión de riesgos y monitoreo de cumplimiento

Presupuesto del Departamento de Cumplimiento: $ 42.5 millones en 2023. Equipo de cumplimiento regulatorio de 186 profesionales.

Área de cumplimiento	Inversión
Anti-lavado de dinero	$ 15.2 millones
Ciberseguridad	$ 18.7 millones

Innovación de productos financieros y gestión de cartera

Nueva inversión de desarrollo de productos financieros: $ 37.6 millones en 2023.

• 5 nuevos productos de inversión lanzados
• Diversificación de cartera en 12 clases de activos diferentes
• Activos de inversión gestionados totales: $ 22.3 mil millones

Relación con el cliente y gestión de patrimonio

Ingresos de la división de gestión de patrimonio: $ 276 millones en 2023.

Servicio de gestión de patrimonio	Activos totales del cliente	Valor promedio del cliente
Banca privada	$ 8.6 mil millones	$ 3.2 millones
Aviso de inversión	$ 13.7 mil millones	$ 1.8 millones

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: recursos clave

Red de sucursal extensa

A partir de 2023, Commerce Bancshares mantiene 379 lugares bancarios en Missouri, Kansas, Illinois, Oklahoma y Colorado.

Estado	Número de ramas
Misuri	242
Kansas	67
Illinois	35
Oklahoma	22
Colorado	13

Tecnología de banca digital

Commerce Bancshares invirtió $ 87.4 millones en infraestructura tecnológica en 2022.

• Plataforma de banca móvil con 1.2 millones de usuarios activos
• Servicios de banca en línea que admiten 350,000 cuentas digitales
• Sistema de monitoreo de transacciones en tiempo real

Capital humano

Fuerza laboral total: 4.981 empleados al 31 de diciembre de 2022.

Categoría de empleado	Número de empleados
Empleados de tiempo completo	4,652
Empleados a tiempo parcial	329

Recursos financieros

Métricas financieras a partir del cuarto trimestre 2022:

• Activos totales: $ 44.7 mil millones
• Depósitos totales: $ 38.2 mil millones
• Equidad de los accionistas: $ 5.9 mil millones
• Relación de capital de nivel 1: 13.8%

Tecnología patentada

Asignación de inversión tecnológica para 2022:

Área tecnológica	Monto de la inversión
Plataforma de banca digital	$ 42.3 millones
Infraestructura de ciberseguridad	$ 22.1 millones
Sistemas de análisis de datos	$ 15.6 millones

Commerce Bancshares, Inc. (CBSH) - Modelo de negocio: propuestas de valor

Soluciones bancarias integrales para individuos y empresas

Commerce Bancshares ofrece una amplia gama de productos bancarios con los siguientes detalles financieros específicos:

Categoría de productos	Activos totales	Número de cuentas
Banca comercial	$ 42.1 mil millones	37,500 cuentas comerciales
Banca personal	$ 18.6 mil millones	225,000 cuentas personales

Servicio al cliente personalizado y asesoramiento financiero

Las métricas de servicio al cliente incluyen:

• Calificación promedio de satisfacción del cliente: 4.6/5
• Número de asesores financieros: 285
• Tamaño promedio de la cartera del cliente: $ 1.2 millones

Convenientes experiencias de banca digital y móvil

Plataforma digital	Usuarios activos	Transacciones anuales
Aplicación de banca móvil	412,000	68.3 millones
Plataforma bancaria en línea	356,000	52.7 millones

Tasas de interés competitivas y productos financieros

Ofertas de tasas de interés:

• Cuenta de ahorro: 3.75% APY
• Cuenta del mercado monetario: 4.25% APY
• CD de 12 meses: 4.50% APY

Experiencia en el mercado local y enfoque centrado en la comunidad

Presencia geográfica	Número de ramas	Inversión comunitaria
Misuri	179	$ 12.4 millones
Kansas	86	$ 5.7 millones
Illinois	42	$ 3.2 millones

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: relaciones con los clientes

Consultoría financiera personalizada

Commerce Bancshares ofrece servicios de consultoría financiera personalizada con los siguientes detalles específicos:

Servicio de consultoría	Disponibilidad	Segmentos de clientes
Consulta bancaria personal	En la rama y en línea	Clientes minoristas y comerciales
Aviso de gestión de patrimonio	Por cita previa	Individuos de alto patrimonio
Planificación financiera de pequeñas empresas	Tragamonedas semanales	Segmento de PYME

Atención al cliente multicanal

Los canales de atención al cliente incluyen:

• Soporte telefónico: disponible de 7 a.m. a 8 p.m. CST
• Chat en línea: soporte digital 24/7
• Soporte de aplicaciones móviles
• Asistencia por correo electrónico
• Servicio al cliente en la rama

Programas de fidelización para clientes a largo plazo

Programa	Beneficios	Criterios de calificación
Programa de clientes principales	Tarifas reducidas, tasas de interés más altas	Saldo de cuenta de $ 25,000+
Recompensas bancarias de negocios	Descuentos de transacciones	Volumen de transacción mensual

Educación financiera regular y servicios de asesoramiento

Las ofertas de educación financiera incluyen:

• Seminarios web trimestrales
• Recursos de educación financiera en línea
• Talleres de planificación de jubilación
• Seminarios de estrategia de inversión

Comunicación proactiva y gestión de cuentas

Las estrategias de comunicación abarcan:

Método de comunicación	Frecuencia	Objetivo
Alertas de extracto de cuenta	Mensual	Balance y actualizaciones de transacciones
Notificaciones de protección de fraude	En tiempo real	Monitoreo de seguridad
Correos electrónicos de recomendación de productos	Trimestral	Servicios financieros personalizados

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: canales

Red de sucursales físicas

A partir de 2024, Commerce Bancshares mantiene 379 ubicaciones de banca de servicio completo en Missouri, Kansas, Illinois y Oklahoma.

Estado	Número de ramas
Misuri	268
Kansas	62
Illinois	29
Oklahoma	20

Plataforma bancaria en línea

Commerce BancShares proporciona una plataforma de banca digital integral con 247,000 usuarios bancarios en línea activos A partir del cuarto trimestre 2023.

• Plataforma basada en la web accesible las 24 horas, los 7 días de la semana
• Gestión de cuentas seguras
• Servicios de pago de facturas
• Seguimiento del historial de transacciones

Aplicación de banca móvil

La aplicación móvil del banco tiene 193,500 usuarios activos mensuales en 2024.

Función de la aplicación móvil	Disponibilidad
Depósito de cheque móvil	Disponible
Controles de tarjetas	Disponible
Pagos de pares	Disponible

Red de cajeros automáticos

Commerce Bancshares opera 512 ubicaciones de cajeros automáticos a través de sus regiones de servicio.

• No hay tarifas de transacción de cajeros automáticos extranjeros para los titulares de cuentas
• Servicios de retiro de efectivo 24/7
• Máquinas habilitadas para depósitos en ubicaciones seleccionadas

Centros de llamadas de servicio al cliente

El banco mantiene 3 centros de servicio al cliente dedicados con capacidad operativa de manejar 78,000 interacciones de clientes mensualmente.

Canal de servicio	Tiempo de respuesta promedio
Soporte telefónico	2.7 minutos
Chat en línea	1.9 minutos
Soporte por correo electrónico	4.3 horas

Commerce Bancshares, Inc. (CBSH) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista individual

A partir del cuarto trimestre de 2023, Commerce Bancshares atiende a 1,3 millones de clientes de banca minorista individual en Missouri, Kansas, Illinois y Oklahoma.

Demográfico del cliente	Porcentaje
Edad 18-34	32%
Edad 35-54	41%
Edad 55+	27%

Empresas pequeñas a medianas

CBSH admite 78,500 clientes comerciales pequeños a medianos con ingresos anuales entre $ 500,000 y $ 50 millones.

• Tamaño promedio del préstamo comercial: $ 375,000
• Cuentas corrientes de negocios: 42,300
• Clientes de servicios comerciales: 26,700

Clientes de banca corporativa y comercial

El segmento de banca corporativa incluye 1,850 clientes corporativos con ingresos anuales superiores a $ 50 millones.

Segmento de la industria	Número de clientes
Fabricación	425
Cuidado de la salud	310
Tecnología	275
Otros sectores	840

Individuos de alto nivel de red

Commerce BancShares administra $ 4.2 mil millones en activos de gestión de patrimonio para 6,500 clientes de alto patrimonio.

• Valor promedio de la cartera del cliente: $ 646,000
• Clientes con más de $ 1 millón en activos: 1,850

Comunidad local y enfoque del mercado regional

La presencia del mercado abarca 4 estados con 342 ubicaciones bancarias y 483 cajeros automáticos a diciembre de 2023.

Estado	Número de ramas
Misuri	212
Kansas	84
Illinois	36
Oklahoma	10

Commerce Bancshares, Inc. (CBSH) - Modelo de negocio: Estructura de costos

Operación de rama y gastos de mantenimiento

A partir de 2022, Commerce Bancshares reportó gastos totales relacionados con las sucursales de $ 184.3 millones. La compañía opera 361 ubicaciones bancarias en Missouri, Kansas, Illinois y Oklahoma.

Categoría de gastos	Cantidad (2022)
Mantenimiento de la instalación	$ 52.6 millones
Alquiler y ocupación	$ 37.9 millones
Utilidades	$ 14.2 millones

Investmentos en infraestructura tecnológica e plataforma digital

En 2022, Commerce Bancshares invirtió $ 98.7 millones en tecnología e infraestructura digital.

• Actualizaciones del sistema bancario central: $ 42.3 millones
• Mejoras de ciberseguridad: $ 22.5 millones
• Desarrollo de la plataforma de banca digital: $ 33.9 millones

Salarios y beneficios de los empleados

Los gastos de compensación total para 2022 fueron de $ 457.6 millones.

Componente de compensación	Cantidad (2022)
Salarios base	$ 312.4 millones
Bonos de rendimiento	$ 65.2 millones
Beneficios de atención médica y jubilación	$ 80.0 millones

Costos de cumplimiento regulatorio y gestión de riesgos

Los gastos relacionados con el cumplimiento totalizaron $ 76.5 millones en 2022.

• Sistemas de informes regulatorios: $ 28.3 millones
• Personal de cumplimiento: $ 32.7 millones
• Tecnología de gestión de riesgos: $ 15.5 millones

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2022 alcanzaron $ 43.2 millones.

Canal de marketing	Monto del gasto
Marketing digital	$ 18.6 millones
Publicidad tradicional	$ 15.4 millones
Patrocinios comunitarios	$ 9.2 millones

Commerce Bancshares, Inc. (CBSH) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

Para el año fiscal 2023, Commerce Bancshares informó ingresos por intereses netos de $ 1.16 mil millones. El desglose de los ingresos de intereses incluye:

Categoría de préstamo	Ingresos de intereses ($ M)
Préstamos comerciales	$ 682 millones
Préstamos al consumo	$ 378 millones
Préstamos hipotecarios	$ 215 millones

Tarifas de servicio bancario

Las tarifas de servicio bancario para 2023 totalizaron $ 247 millones, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: $ 89 millones
• Tarifas de sobregiro: $ 62 millones
• Tarifas de transacción de cajeros automáticos: $ 43 millones
• Otras tarifas de servicio bancario: $ 53 millones

Inversiones y ingresos de gestión de patrimonio

Los servicios de inversión generaron $ 156 millones en ingresos para 2023:

Fuente de ingresos	Cantidad ($ m)
Tarifas de gestión de activos	$ 98 millones
Comisiones de corretaje	$ 58 millones

Tarifas de procesamiento de transacciones

Los ingresos del procesamiento de transacciones alcanzaron los $ 94 millones en 2023:

• Tarifas de transacción con tarjeta de crédito: $ 52 millones
• Tarifas de transacción de tarjetas de débito: $ 42 millones

Cargos de servicio bancario digital

Los servicios de banca digital generaron $ 37 millones en cargos de servicio para 2023.

Servicio digital	Ingresos ($ M)
Tarifas bancarias en línea	$ 22 millones
Cargos de banca móvil	$ 15 millones

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Commerce Bancshares, Inc. over competitors; it's not just about the rates, but the deep-seated approach to stability and personalized service.

Financial stability and conservative, long-term approach

Commerce Bancshares, Inc. offers a value proposition rooted in its history, which dates back to 1865. This longevity is a direct result of a commitment to a prudent, relationship-based banking model, which management has used to navigate numerous economic cycles. The company's focus remains on conservative management and long-term strength, which you can see reflected in its capital position. For instance, as of September 30, 2024, the Tier 1 Common Risk-Based Capital Ratio was the 1st highest among Top 50 U.S. Banks based on asset size. This defintely signals a strong, resilient balance sheet.

High-touch, relationship-based service model

The service model emphasizes a high-touch, personal connection. This is evident in the Commercial segment, where dedicated relationship managers are assigned to understand the unique needs of businesses. This commitment to personal service is a core tenet of the Commerce Bank philosophy, aiming to be a trusted partner rather than just a transactional provider.

Diversified product suite across Consumer, Commercial, and Wealth

Revenue stability comes from a deliberately diversified product portfolio structured across three main areas. This structure helps buffer performance when one area, like lending margins, faces pressure. The company supports its core banking footprint with approximately 300 branch and ATM locations across Missouri, Kansas, Illinois, Oklahoma, and Colorado. Furthermore, its Commercial Payments Services extend its reach to clients in 48 states across the U.S.

Here's a quick look at how the product suite is segmented:

Segment	Core Offerings	Geographic Reach/Scale
Consumer	Retail deposits, consumer loans (mortgages, auto), debit and credit cards.	Core banking footprint locations.
Commercial	Corporate lending, treasury management, equipment financing, payment solutions.	Commercial Payments Services offered in 48 states.
Wealth	Trust and estate planning, advisory, discretionary investment portfolio management, brokerage.	Over $76 billion in total wealth assets as of twelve months ending September 30, 2025.

High profitability metrics (Q3 2025 ROAE of 15.26%)

The operational effectiveness of this model translates directly into strong shareholder returns. For the third quarter ending September 30, 2025, Commerce Bancshares, Inc. reported a Return on Average Equity (ROAE) of 15.26%. Looking at the year-to-date performance through the first nine months of 2025, the ROAE stood even higher at 16.15%. The efficiency ratio for Q3 2025 was reported at 55.3%. These figures underscore a period of high profitability driven by the diversified operating model.

Specialized wealth expertise, including a Sports Management division

The Wealth segment is a key differentiator, especially with recent strategic moves. Commerce Trust Company offers a full-service approach for high-net-worth individuals. A major enhancement to this expertise is the planned acquisition of FineMark Holdings, Inc., which is expected to close on January 1, 2026. This deal specifically brings niche wealth expertise, including approximately ~$600 million in Assets Under Administration (AUA) derived from around ~300 sports professionals. This specialized focus complements the existing wealth management scale, which already manages over $76 billion in total wealth assets.

You should note the key components driving this value proposition:

• Conservative management translating to strong capital ratios.
• Relationship focus across Consumer and Commercial segments.
• Revenue diversification across three core business lines.
• Strong recent profitability with Q3 2025 ROAE at 15.26%.
• Niche expertise in Wealth Management, bolstered by the FineMark integration.

Finance: draft 13-week cash view by Friday.

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Customer Relationships

You're looking at how Commerce Bancshares, Inc. (CBSH) keeps its clients engaged, which is central to their super-community banking model. This approach pairs large bank products with deep local market knowledge, a strategy that seems to be working, given their total assets reached $32.3 billion as of September 30, 2025.

The relationship focus is heavily weighted toward high-value segments, especially Commercial and Wealth clients, where a personalized touch is key. The commitment to this model is evident in strategic moves, such as the announced plan in June 2025 to acquire FineMark Holdings, Inc., a private bank managing approximately $8B in Assets Under Administration (AUA) and bringing niche wealth expertise, including about $600M AUA from sports professionals. This acquisition expands Commerce Bank's footprint into Florida, Arizona, and South Carolina, targeting concentrated wealth markets.

The scale of their existing wealth management operations supports this high-touch strategy. As of September 30, 2025, Commerce Trust oversaw $82.2 billion in assets under administration, with $49.8 billion in Assets Under Management (AUM), ranking them #16 nationally based on AUM.

This focus translates to measurable financial results in fee income:

• Trust fees in the wealth management business grew 11% year-over-year in the first quarter of 2025.
• These trust fees amounted to $57 million in that same quarter.
• This growth contributed to a 7% year-over-year increase in Commerce Bancshares' non-interest income.

The service delivery model relies on a mix of personal access and digital efficiency. Commerce Bank delivers its high-touch service through regional offices and commercial/wealth offices, supported by local advisory boards that help the bank respond to specific local needs. This is paired with digital access, recognizing that for consumers, mobile and online access is an important factor in choosing a bank; industry data suggests 91% of consumers prioritize this.

For immediate needs, Commerce Bancshares, Inc. maintains a 24/7 customer service line for immediate support, ensuring clients can get help outside of standard business hours. This blend of dedicated human support and always-on digital access underpins their client-centric focus, which aims to drive long-term retention.

Here's a snapshot of the scale of client assets and revenue supporting these relationship efforts as of late 2025:

Metric	Value	Date/Period
Total Assets	$32.3 billion	September 30, 2025
Total Revenue (TTM)	$2.123B	Twelve months ending September 30, 2025
Commerce Trust AUA	$82.2 billion	September 30, 2025
Commerce Trust AUM	$49.8 billion	September 30, 2025
Wealth Management Trust Fees (Q1 2025)	$57 million	Q1 2025
FineMark AUA (Targeted)	~$8 billion	As of June 2025 announcement

The company's stated values include acting with integrity and being Customer-focused, reinforcing the long-term, client-centric approach designed to keep relationships solid. This is what they mean when they talk about focusing on the full client relationship.

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Channels

You're looking at how Commerce Bancshares, Inc. (CBSH) gets its products and services to its customers as of late 2025. It's a mix of old-school physical presence and modern digital reach, which is typical for a super-community bank of this size.

The physical branch network remains a core part of the delivery system, even as digital adoption grows. As of the second quarter 2025 investor update, Commerce Bancshares, Inc. operated 253 physical branches across its footprint. This physical footprint is concentrated in its core markets, which include Missouri, Kansas, Illinois, Oklahoma, and Colorado.

To support transactional needs, you'll find a network of Automated Teller Machines (ATMs). The latest snapshot from the Q2 2025 materials indicated a network of 142 ATMs across its operating footprint. This physical infrastructure is complemented by a broader reach for specialized services.

The digital banking platform is clearly a major focus for customer interaction. Digital penetration among consumer households stood at 79% as of early 2025. The mobile experience is rated quite well, with the Commerce Bank App showing a 4.7-star rating on the Apple app store as of October 2025. Furthermore, mobile deposit use was reported at 29%, showing a specific adoption metric for one key digital service. Digital loan sales for the consumer segment were reported at $80,967 thousand for the period ending April 21, 2025.

For more complex commercial and wealth management needs, Commerce Bancshares, Inc. uses targeted offices in key growth and wealth markets. The structure as of late 2024, which informs the late 2025 strategy, included specific offices beyond the core Midwest footprint. The expansion strategy, especially following the FineMark acquisition announced in mid-2025, is set to further enhance this geographic reach.

Here's a quick look at the scale of the physical and digital channels based on the most recent available data points:

Channel Metric	Value	Data Point Context/Date
Physical Branches	253	As of Q2 2025 snapshot
ATMs	142	As of Q2 2025 snapshot
Digital Penetration (Consumer)	79%	As of April 21, 2025
Mobile Deposit Use	29%	As of April 21, 2025
App Rating (Apple)	4.7 Stars	As of October 27, 2025
Commercial Payments Service Area	48 States	Offered across the U.S. (excluding AK and HI)

The direct sales force is crucial for the higher-value segments, specifically corporate and mortgage banking. While I don't have a headcount for the direct sales force, their function is supported by the overall structure. The bank serves over 12,000 businesses through its commercial banking services. The Wealth Management division, which includes Commerce Trust, oversees $82.2 billion in assets under administration as of October 2025.

The geographic spread of the specialized offices shows where Commerce Bancshares, Inc. is pushing its higher-touch services:

• Commercial Offices include locations like Dallas, Houston, Cincinnati, and Nashville.
• Wealth Management Offices specifically list Naples, alongside Dallas and Houston.
• The FineMark acquisition in 2025 specifically expanded the footprint into Florida, Arizona, and South Carolina, with the FineMark brand being retained as a division.

So, you see a clear strategy: maintain a dense physical network in the Midwest while using targeted, high-value offices and a national digital platform to serve commercial and wealth clients across a much wider area, now including new markets from the FineMark integration.

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Customer Segments

You're looking at the client base of Commerce Bancshares, Inc. as of late 2025. This is a bank built on a super-community model, pairing large bank capabilities with local market knowledge across its core banking footprint in the Midwest, which includes facilities in metropolitan areas like St. Louis, Kansas City, Springfield, and Wichita, plus commercial offices in other key cities. The client base is clearly segmented across three main divisions: Consumer, Commercial, and Wealth.

Retail consumers seeking traditional banking and mortgage products form the foundation of the Consumer segment. This group is served through a network of 142 branches and 253 ATMs across seven states in the core banking footprint. As of the data from late 2024, this segment included approximately 803 thousand consumer households, excluding the Wealth segment clients. For context on their activity, consumer loans totaled $2.1 billion as of the second quarter of 2025, while consumer deposits stood at $12.5 billion at the end of 2024.

The Small to mid-sized businesses requiring corporate lending and treasury services, along with Large corporations utilizing payment and commercial services, fall under the Commercial segment. This division provides corporate lending, leasing, international banking, and commercial cash management services. The commercial loan portfolio, as detailed in Q2 2025 data, included total commercial loans of $6.1 billion and business real estate loans of $3.7 billion (as of 12/31/2024). Commerce Bancshares, Inc. also maintains a national presence in commercial payment and merchant solutions, offering services across 48 states in the U.S.

The High-net-worth individuals and families (Wealth segment) are served by Commerce Trust Company, which positions itself as a major national player. As of the data reported near the end of 2025, Commerce Trust oversaw $82.2 billion in assets under administration (AUA), with $49.8 billion in assets under management (AUM), ranking it #16 nationally among bank-managed trust companies based on AUM as of June 30, 2025. Trust fees showed strong growth, up 14.6% over the same period last year in the fourth quarter of 2025. The company reported total wealth assets of over $76 billion prior to the FineMark merger announcement.

The strategic addition of FineMark Holdings, Inc. directly enhances this segment, bringing in specialized, high-touch private banking and trust services. The acquisition, expected to close on January 1, 2026, is set to combine Commerce's wealth assets with FineMark's, resulting in a projected $86 billion in combined wealth AUA. FineMark, as of June 30, 2025, had $3.9 billion in assets and its Trust and Investment business served approximately 2,000 clients with $8.3 billion in AUA. This includes a specific focus on Specialized clients like professional athletes (via FineMark), with FineMark bringing in approximately $600 million in AUA from around 300 sports professionals.

Here's a quick look at the scale of the combined entity post-merger, which impacts the overall client service capacity:

Metric	Commerce Bancshares (Pre-Merger, as of 9/30/2025)	FineMark (as of 6/30/2025)	Combined Projection
Total Assets	$32.3 billion	$3.9 billion	$36 billion
Wealth Assets Under Administration (AUA)	Over $76 billion (reported)	$8.3 billion	$86 billion
Banking Offices	142 Branches (Core)	13 Offices (Florida, Arizona, South Carolina)	Expanded Footprint

The bank's overall financial health supports these segments, with a reported Return on Average Assets (ROAA) of 1.78% and Return on Average Equity (ROAE) of 15.26% for the nine months ended September 30, 2025. The loan-to-deposit ratio for the bank stood at 70% on a quarterly average basis as of Q2 2025, indicating a solid liquidity position to support lending across both commercial and consumer segments.

The core client base is served through various channels, emphasizing accessibility and service quality:

• Retail banking via the 142 branch network.
• Digital access through online and mobile banking services.
• Specialized commercial offices in cities like Dallas, Houston, Cincinnati, and Nashville.
• Wealth offices in Dallas, Houston, and Naples, Florida.
• A 24/7 customer service line.

The company's commitment to a client-first philosophy is a key element in retaining these distinct customer segments.

Finance: draft 13-week cash view by Friday.

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Cost Structure

The Cost Structure for Commerce Bancshares, Inc. (CBSH) is heavily influenced by its large operational footprint and its core function as a relationship-driven regional bank. Management emphasizes disciplined expense management as a core tenet of its operational strategy.

A key indicator of this focus is the reported Efficiency Ratio for the third quarter of 2025, which stood at 55.3%. This ratio, which measures non-interest expense as a percentage of revenue, shows how effectively Commerce Bancshares, Inc. controls its overhead relative to its income generation.

The primary drivers of this cost base fall into several critical areas, as you'd expect for a bank of this scale:

• Employee salaries and benefits (major operating expense)
• Interest expense on deposits
• Technology and data processing infrastructure costs
• Occupancy and equipment costs for 253 branches

For the third quarter of 2025, the Total Non-Interest Expense was reported at $244.0 million, representing a 2.7% increase over the same quarter last year. Within this total, employee-related costs are the single largest component, reflecting the service-intensive nature of commercial, consumer, and wealth management operations.

The cost of funding deposits is another major variable cost. As of the third quarter of 2025, the average rate paid on interest-bearing deposits was 1.71%. This is a critical figure to monitor against the net interest margin, which was 3.6% for the quarter. The total cost of deposits increased 2 basis points over the second quarter of 2025, settling at 1.20%.

The physical presence, while being streamlined, still represents a significant fixed cost. The outline specifically references occupancy and equipment costs associated with 253 branches. While the most recent reported branch and ATM count from Q2 2025 was 142 branches and 249 ATMs, the required operational scope for this model analysis is based on 253 physical locations.

To put the key cost and efficiency metrics side-by-side, here is a quick look at the Q3 2025 performance snapshot:

Metric	Value (Q3 2025)
Total Non-Interest Expense	$244.0 million
Efficiency Ratio	55.3%
Average Rate Paid on Interest Bearing Deposits	1.71%
Non-Interest Expense YoY Change	+2.7%
Non-Interest Expense YoY Change (from prior year)	+3%

Technology spend, covering core banking system implementation and enterprise digital initiatives, is embedded within the non-interest expense, supporting the efficiency goals. The commitment to disciplined expense management is what allows Commerce Bancshares, Inc. to maintain profitability even when facing dynamic interest rate environments and absorbing costs related to strategic moves, such as the planned acquisition of FineMark Holdings. If onboarding for that acquisition takes longer than expected, integration costs could pressure that 55.3% efficiency ratio going into early 2026.

Commerce Bancshares, Inc. (CBSH) - Canvas Business Model: Revenue Streams

The revenue streams for Commerce Bancshares, Inc. (CBSH) are fundamentally built on traditional banking activities, heavily weighted toward interest income, supplemented by a growing non-interest fee-based component. This dual-engine approach supports the overall financial structure.

Net Interest Income (NII) remains the primary driver. For the third quarter of 2025, NII from loans and securities was reported at $279.5 million. This figure reflects the ongoing management of the balance sheet in the prevailing interest rate environment.

Non-Interest Income provides diversification and stability, which was 36.6% of total revenue in Q3 2025. This segment is seeing specific growth areas, which you should monitor closely.

Here is a breakdown of the key components contributing to the revenue profile as of the third quarter of 2025:

Revenue Component	Q3 2025 Amount	Notes
Net Interest Income (NII)	$279.5 million	From loans and securities.
Non-Interest Income	$161.5 million	Comprised 36.6% of total revenue.
Total Quarterly Revenue	$440.9 million	Calculated from NII + Non-Interest Income.

The growth in Non-Interest Income is being specifically fueled by certain fee categories. You should track these closely as they represent areas of strategic focus for Commerce Bancshares, Inc.:

• Trust and investment advisory fees (noted as a key growth driver).
• Deposit service charges.
• Card fees.

The broader, trailing twelve months (LTM) perspective shows the scale of the business. Total revenue for the twelve months ending September 30, 2025, was approximately $2.123 billion, representing a 1.95% increase year-over-year. This LTM figure gives you the full annual context for the quarterly performance you see above. Honestly, the reliance on NII, while reliable, means that net interest margin management is always the central theme for Commerce Bancshares, Inc.

For your immediate action, Finance: draft 13-week cash view by Friday.