FineMark’s highest priority has always been, and will continue to be, to provide exceptional service to our clients. As the coronavirus (COVID-19) disrupts life as we know it, we are making every effort to maintain this level of service, while being mindful of the health and safety of our associates, clients and communities.
We are meeting daily with leadership in each of our markets in Florida, Arizona and South Carolina. Today, we made the difficult decision to limit lobby access to appointment only. Drive-through service at our Fort Myers and Estero offices remain open, with regular business hours. We also have night depository boxes in a number of offices (Bonita Springs, Charleston, Estero, Fort Myers, Naples and Scottsdale). If you call and let your relationship manager know when you will be at the bank, we will make your deposit immediately. Please arrange all other business by appointment, prior to your arrival. This action is being taken to limit potential exposure of the coronavirus to our associates and our clients. We apologize for this inconvenience, but we ask for your patience as we adjust to this new working environment, forging more creative ways to meet your needs.
In addition to limiting lobby access, we have taken the proactive measure of social distancing by asking a significant number of associates to work remotely. We are closely monitoring these efforts and will adjust our protocol, as necessary. The changes we have made, would not be possible without the responsiveness, flexibility and dedication of our associates during this challenging time.
From a safety and soundness standpoint, we want to assure you, FineMark’s balance sheet remains exceptionally strong. We maintain in excess of $300 million of on-balance-sheet liquidity and have access to $600 million of additional funds from various sources, including the Federal Reserve Bank. Our capital levels are equally strong with a healthy Tier 1 leverage ratio in excess of 9.51%. In addition, our credit quality remains pristine with only 0.11% of our total loans being on nonaccrual, compared to an industry average of 0.55% (or one fifth of levels at other banks).
Our leadership team will continue to meet as needed, based on this rapidly changing environment. As always, we will keep you informed with the latest developments. Please do not hesitate to contact us with any questions or concerns and thank you for your trust in us.
On behalf of the entire FineMark team,
Joseph R. Catti
President & CEO
Michael E. Drohan Harlan C. Parrish David A. Highmark
President, Charleston President, Lee County President & CEO, Arizona
David H. Scaff Adria D. Starkey
President, Palm Beach President, Collier County