Commerce Bank Expands Middle-Market Services with Nolan & Associates Acquisition — Commerce Bancshares, Inc. (Commerce Bank)

Event summary

Commerce Bancshares to acquire Nolan & Associates, a St. Louis-based boutique investment bank with global reach.
Nolan provides advisory services for middle-market clients across industries like energy, healthcare, and manufacturing.
Deal includes acquisition of MMTI, a FINRA-regulated entity through which Nolan delivers advisory services.
Commerce will retain Nolan’s employees and office, ensuring continuity for clients and staff.
Transaction terms not disclosed; subject to regulatory approval.

The big picture

This acquisition strengthens Commerce Bank’s ability to serve business owners through critical transitions, aligning with broader industry trends of regional banks expanding investment banking capabilities. With $35.7 billion in assets as of March 2026, Commerce is positioning itself as a more comprehensive financial services provider for middle-market clients.

What we're watching

Integration Challenges: How Commerce will merge Nolan’s entrepreneurial culture with its existing operations.
Client Retention: Whether Commerce can maintain Nolan’s long-term client relationships post-acquisition.
Geographic Expansion: The pace at which Commerce leverages Nolan’s global reach to expand its middle-market footprint.