Commerce Bank Completes Acquisition of Investment Banking Firm Nolan & Associates

ST. LOUIS--(BUSINESS WIRE)--Commerce Bank today announced that it has completed its acquisition of Nolan & Associates, a St. Louis-based boutique investment banking firm serving middle-market clients nationwide.

The acquisition adds investment banking capabilities and enhances its ability to support business owners through growth, acquisition, capital-raising and ownership transition decisions.

"We are pleased to welcome Nolan & Associates to Commerce," said Bob Holmes, chairman and chief executive officer, Commerce Bank – St. Louis. "Nolan has built an outstanding reputation for trusted advice, deep industry knowledge and long-term client relationships. Their addition strengthens our ability to serve middle-market companies and business owners with a broader range of strategic and financial advisory services."

Nolan & Associates will retain its leadership team, employees and Brentwood, Missouri office, ensuring continuity for clients and team members.

"Joining Commerce marks an exciting new chapter for our team," said Patrick Nolan, president of Nolan & Associates. "We have built our business on relationships, trust and long-term client success, and Commerce shares those values. We're excited to collaborate with team members across the bank, strengthen relationships we've developed over decades, and introduce new clients to the broader capabilities Commerce brings to the market."

The transaction was completed through Commerce Bank’s acquisition of Middle Market Transactions, Inc. (“MMTI”), an affiliate of Nolan & Associates. Nolan and Associates and MMTI were consolidated before the acquisition, and MMTI is now a wholly-owned subsidiary of Commerce Bank that will conduct business under the Nolan & Associates name. Terms of the transaction were not disclosed.

About Commerce Bancshares, Inc.

Commerce Bancshares, Inc. (NASDAQ: CBSH) is a regional bank holding company with $35.3 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. The company also delivers financial planning, private banking, investment management and trust services to clients through a network of dedicated wealth offices across the country.

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 June 30, 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.

Middle Market Transactions, Inc. is a registered broker-dealer and member FINRA, SIPC. Investments in securities are NOT FDIC insured; NOT Bank-Guaranteed; MAY lose value.

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