Commerce Bank announced it has reached an agreement to acquire Nolan & Associates, a St. Louis-based boutique investment banking firm focused on middle-market clients. The acquisition will expand Commerce Bank’s ability to support business owners, private equity firms, and corporations through key stages of their business lifecycle.
Nolan & Associates provides sell-side, buy-side, and capital raise advisory services across industries including building products, transportation, logistics, energy, healthcare, telecom, business services, manufacturing, distribution, and agriculture.
Founded by Pat C. Nolan in 1976, Nolan & Associates is a second-generation, family-owned business with deep roots in the Midwest. Over nearly five decades, the firm has built its reputation around long-term relationships, steady leadership, and trusted advice for clients navigating important business transitions.
Upon closing, Nolan & Associates will operate as a wholly owned subsidiary of Commerce Bank. Commerce said it intends to retain Nolan’s employees and office, providing continuity for both clients and employees.
The acquisition adds investment banking capabilities to Commerce’s existing commercial and wealth platforms. Commerce said this will strengthen its ability to provide a more seamless experience for clients as they build, grow, acquire, transition, or sell their businesses.
By integrating Nolan’s investment banking capabilities, Commerce will be able to provide clients with a more connected relationship across the full business lifecycle—from scaling a company to transitioning ownership and managing personal wealth. The acquisition is also expected to help Commerce deepen relationships with commercial and wealth clients by broadening the solutions it can offer.
For Nolan & Associates, joining Commerce provides access to a larger platform, expanded client relationships, additional capital markets capabilities, and broader resources to support growth. The firm is also expected to benefit from Commerce’s geographic footprint and market presence, creating more opportunities to originate and advise on transactions.
As part of the deal, Commerce Bank will acquire Middle-Market Transactions, Inc., a FINRA-regulated entity through which Nolan & Associates delivers advisory services. Financial terms of the transaction were not disclosed. The acquisition is subject to regulatory approval and customary closing conditions.
Commerce Bancshares, the parent company of Commerce Bank, is a regional bank holding company with $35.7 billion in assets as of March 31, 2026. The company offers banking, payment solutions, wealth management, and securities brokerage through its subsidiaries.
Commerce Bank has more than 160 years of experience serving individuals and businesses and maintains a network of banking centers, wealth offices, and ATMs across the Midwest, along with commercial offices in 11 states. The company also offers payment solutions nationwide.
KEY QUOTES:
“With the addition of Nolan, we are expanding our ability to serve business owners through some of the most important decisions they will make—whether that’s growing, acquiring, or transitioning their business. This strengthens our ability to deliver a more seamless, end-to-end experience for our clients.”
Bob Holmes, Chairman and Chief Executive Officer of Commerce Bank – St. Louis
“Joining Commerce is an exciting next chapter for our firm. We’ve built Nolan & Associates on long-term relationships, trusted advice, and a strong commitment to our clients and community. Commerce shares those same values and a relationship-driven culture, which made this a natural fit. We’re proud to continue serving our clients with the same team and approach, now backed by the broader capabilities and reach of Commerce.”
Patrick Nolan, President of Nolan & Associates
“Combining forces with Commerce enables us to remain deeply committed to our family-owned business clients, while accelerating the growth of our private equity services practice. We are thrilled to partner with the Commerce Bank team.”
Brett Pantazi, Managing Director of Nolan & Associates
