Commerce Bank buys boutique advisory Nolan & Associates for middle-market push
What's the deal? Commerce BankDealroom has a profile for this one. Try Dealroom → has completed its acquisition of Nolan & AssociatesDealroom has a profile for this one. Try Dealroom →, a St. Louis-based boutique investment banking firm serving middle-market clients nationwide. The transaction was executed through the purchase of Middle Market Transactions, Inc. (MMTI)Dealroom has a profile for this one. Try Dealroom →, a Nolan affiliate that is now a wholly-owned Commerce subsidiary operating under the Nolan name. Terms were not disclosed.
What's the endgame? The deal adds investment banking capabilities to Commerce, deepening its ability to advise business owners on growth, acquisitions, capital raising, and ownership transitions. Nolan, founded in 1976, provides sell-side, buy-side, and capital-raise advisory to business owners, private equity groups, and corporations.
What changes? Nolan keeps its leadership team, employees, and Brentwood, Missouri office, aiming to preserve continuity for clients. MMTI, a registered broker-dealer and FINRA member, will continue business under the Nolan & Associates name.
"Nolan has built an outstanding reputation for trusted advice, deep industry knowledge and long-term client relationships," said Bob Holmes, chairman and chief executive officer of Commerce Bank – St. Louis. "Their addition strengthens our ability to serve middle-market companies and business owners."
Patrick Nolan, president of Nolan & Associates, called the deal "an exciting new chapter," adding: "We have built our business on relationships, trust and long-term client success, and Commerce shares those values."
The bigger picture: Commerce BancsharesDealroom has a profile for this one. Try Dealroom → (NASDAQ: CBSH) is a regional bank holding company with $35.3 billion in assets as of June 30, 2026, offering banking, payments, wealth management, and brokerage. Its primary subsidiary carries more than 160 years of history and runs commercial offices across 11 states.
The signal: Regional banks are increasingly bolting on specialist advisory shops to serve middle-market clients across their full business lifecycle. By folding in a firm with nearly five decades of deal experience, Commerce signals a bet that owning in-house transaction expertise — not just lending — is key to retaining business customers.
Read more: finance.yahoo.com
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