Commerce Bank to Acquire Nolan & Associates, Adding Investment Banking Capabilities for Middle-Market Clients

Commerce Bank today announced it has reached an agreement to acquire Nolan & Associates, a St. Louis–based boutique investment banking firm with global reach that delivers specialized advisory services to middle-market clients, expanding the bank’s ability to support clients at critical points in their business cycle.

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Left to right: • Brett Pantazi, managing director, Nolan & Associates • Patrick Nolan, president, Nolan & Associates • Pat C. Nolan, founder, Nolan & Associates • Bob Holmes, chairman and chief executive officer, Commerce Bank – St. Louis • Tom Harmon, president of eastern expansion markets and head of commercial tradable products, Commerce Bank • Matt Burkemper, director of finance and corporate development, Commerce Bank

Nolan provides sell-side, buy-side, and capital raise advisory services to business owners, private equity firms, and corporations across a range of industries, including building products, transportation, logistics, energy, healthcare, telecom, business services, manufacturing, distribution, and agriculture.

Founded by Pat C. Nolan in 1976, Nolan is a second-generation, family-owned business with deep Midwestern roots. Over nearly five decades, the firm has built a strong reputation for steady leadership, long-term relationships, and trusted advice during critical business transitions. Upon closing, Nolan will operate as a wholly owned subsidiary of Commerce Bank.

The two firms have built a relationship grounded in mutual trust and a shared commitment to client service, creating strong alignment leading to this transaction. Commerce intends to retain Nolan’s employees and office, ensuring continuity for both clients and employees.

This acquisition adds differentiated investment banking capabilities to Commerce’s existing commercial and wealth platforms, enhancing the bank’s ability to support clients at pivotal moments in their business lifecycle.

"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," said Bob Holmes, Chairman and Chief Executive Officer, Commerce Bank – St. Louis. "This strengthens our ability to deliver a more seamless, end-to-end experience for our clients."

By integrating Nolan’s investment banking experience, Commerce will provide clients with a more connected relationship—from building and scaling a business to transitioning ownership and managing personal wealth. The acquisition also strengthens Commerce’s ability to attract, retain, and deepen relationships with commercial and wealth clients by broadening the solutions it offers.

For the Nolan team, joining Commerce provides access to a broader platform, including expanded client relationships, additional capital markets capabilities, and enhanced resources to support combined growth. It also creates new opportunities for collaboration across Commerce’s commercial and wealth businesses, while preserving Nolan’s entrepreneurial culture and client-focused approach.

Nolan will also benefit from Commerce’s broader geographic footprint and strong market presence, creating additional opportunities to originate and advise on transactions while deepening relationships with business owners approaching key transition points.

"Joining Commerce is an exciting next chapter for our firm," said Patrick Nolan, President, Nolan & Associates. "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."

"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," said Brett Pantazi, Managing Director, Nolan & Associates. "We are thrilled to partner with the Commerce Bank team."

As part of the deal, Commerce Bank will acquire Middle-Market Transactions, Inc. (MMTI), a FINRA-regulated entity through which Nolan & Associates delivers advisory services. Terms of the transaction were not disclosed. The acquisition is subject to regulatory approval and customary closing conditions.

About Commerce Bancshares, Inc.

Commerce Bancshares, Inc. (NASDAQ:CBSH) is a regional bank holding company with $35.7 billion in assets¹, offering banking, payment solutions, wealth management and securities brokerage through its subsidiaries. Commerce Bank, its primary subsidiary, brings over 160 years of experience helping individuals and businesses through high-touch service and sophisticated, personalized financial solutions.

Commerce maintains an extensive network of banking centers, wealth offices, and ATMs throughout the Midwest, as well as commercial offices in 11 states, and offers payment solutions nationwide. With its recent acquisition of FineMark Holdings, Inc., Commerce builds on its existing private banking and wealth management presence in Florida and adds wealth offices in Arizona and South Carolina.

Customers can conveniently access their accounts 24/7 using mobile and online platforms, as well as a customer service line.

Learn more at www.commercebank.com

¹As of March 31, 2026

About Nolan & Associates

Nolan & Associates is a middle-market boutique investment banking firm providing sell-side, buy-side, and capital raise advisory services to business owners, private equity groups, and corporations. Since 1976, Nolan has guided clients through pivotal business transitions by combining industry expertise, creative problem-solving, and a results-driven approach designed to maximize value and achieve successful transaction outcomes.

Learn more at https://nolanassoc.com/.

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