St. Louis-based Commerce Bancshares will acquire boutique investment banking firm Nolan & Associates for an undisclosed sum, according to a Monday announcement.
Purchasing Brentwood, Missouri-based Nolan expands Commerce’s ability to serve middle-market clients, the bank said, and it marks its second acquisition in a year. Commerce completed its purchase of FineMark Holdings, parent of Fort Myers, Florida-based FineMark National Bank & Trust, on Jan. 1.
“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,” Commerce Bank CEO and Chairman Bob Holmes said in a prepared statement. “This strengthens our ability to deliver a more seamless, end-to-end experience for our clients.”
Nolan advises business owners, private equity firms and corporations across industries including building products and transportation. Following the deal, Commerce intends to retain Nolan’s employees and office, and Nolan will operate as a wholly owned subsidiary of Commerce Bank.
Acquiring Nolan strengthens Commerce’s ability to attract and retain wealth clients by broadening solutions tailored to those clients, $37.5 billion-asset Commerce said in the deal announcement.
Nolan, for its part, will benefit from Commerce’s geographic footprint and market presence. Commerce’s core branch banking footprint spans five states — Missouri, Kansas, Illinois, Oklahoma and Colorado — and the bank operates commercial and wealth offices in 11 states.
“Joining Commerce allows us to broaden the level of service and support we offer while staying true to the advisory approach our clients expect,” Nolan President Patrick Nolan told Banking Dive via email. “It’s an exciting step forward in how we deliver for them.”
Tom Harmon, Nolan’s president of eastern expansion markets, told Banking Dive that since announcing the deal, they’ve received a positive response from clients and the broader business community.
“One of the most consistent themes we’ve heard is the respect Nolan has earned in the market,” Harmon said. “That credibility, combined with how our teams already work alongside one another, makes this a natural fit as we continue to build out our capabilities.”
As part of the deal, Commerce Bank will acquire Middle-Market Transactions, Inc., a Financial Industry Regulatory Authority-regulated entity through which Nolan & Associates delivers advisory services.
A projected timeline for the closing of the deal was not disclosed.
