L.J. Hart & Company

What L.J. Hart & Company does

L.J. Hart & Company is a St. Louis-based municipal securities broker-dealer and financial advisor, founded in 1991 by Larry J. Hart and operating as a wholly owned subsidiary of Commerce Bank. The firm underwrites tax-exempt bonds and lease financing for Missouri school districts, counties, cities, and not-for-profits, with cumulative financings exceeding $8.5 billion in par value across more than 2,850 transactions since inception. Core offerings include General Obligation Bond underwriting, Capital Facilities Lease Services, and a specialized School Bus Lease Program (over 900 buses leased across 140+ Missouri districts); these are supported by sub-services such as bonding capacity analysis, debt repayment analysis, refunding analysis, credit enhancement, credit ratings assistance, Form A/Form C preparation, Missouri Direct Deposit Program placement (AA+ S&P rated), budget development, and legislative services. The technology stack consists of Munex software for debt service repayment schedule development, Excel-based cash flow analysis, and standard FINRA-compliant broker-dealer trading and reporting infrastructure; there are no proprietary AI/ML systems. The firm is registered with FINRA, SEC, MSRB, and SIPC, and uses Pershing as clearing firm.

The firm generates revenue through transaction-based fees: municipal securities underwriting fees (the primary stream), mark-ups and mark-downs on securities trading ranging 0–5% of trade value, financial advisory fees, and ancillary custodian and account maintenance fees. Distribution occurs directly to issuer clients (school districts, counties, cities) and institutional investors purchasing $100,000+ of offerings, with overflow capacity routed through Commerce Brokerage Services Inc. and Commerce Bank Capital Markets Group. Go-to-market is enterprise field sales targeting Missouri local governments, supported by a senior team that includes multiple retired Missouri school superintendents who provide domain credibility with educational buyers, and by membership/board positions with Missouri School Boards Association, Missouri Association of School Business Officials, Missouri Association of Rural Education, and the Chesterfield Chamber of Commerce.

Name

L.J. Hart & Company

Legal name

L.J. Hart & Company

Website

https://ljhartco.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

L.J. Hart & Company is a St. Louis-based, Commerce Bank-owned municipal securities broker-dealer underwriting tax-exempt bonds and leases for Missouri school districts, counties, cities, and not-for-profits, with over $8.5 billion in cumulative par value across 2,850+ financings since 1991.

Ownership category

akta.pro rank

Product category

Municipal Securities Underwriting

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Municipal Bonds (FSACABAE)

akta.pro secondary industries

Debt Advisory & Financing Advisory (FSAEAGAD), Municipal Finance, Treasury, Budget & Procurement (BPAIACAC), Municipal Bonds Trading (FSACAEAF)

Keywords

• Municipal bond underwriting
• Capital lease financing
• Financial advisory services
• School district financing
• Tax-exempt securities

Headquarters

HQ city

Saint Louis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Municipal Securities Underwriting: The firm earns underwriting fees from municipal issuers (school districts, counties, cities) for new security offerings. These fees are the primary revenue source. The firm typically only sells municipal securities that it is underwriting.
2. Mark-ups and Mark-downs on Securities Trading: Transaction-based fees ranging from 0-5% of the value of each trade, embedded in the price paid for investments (mark-ups) or received for sales (mark-downs). The firm may buy and sell investments through its own accounts ('acting as principal') and earn a profit on these trades.
3. Financial Advisory Services: The firm earns a nominal amount of revenue from providing financial advisory services to municipal issuers. These services are also paid by municipal issuers.
4. Account Fees: Additional fees including custodian fees, account maintenance fees, and account inactivity fees charged to retail customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

L.J. Hart & Company underwrites municipal securities and provides financial advisory services for Missouri local governments, including school districts, counties, cities, and not-for-profits. The firm structures General Obligation Bonds, Capital Facilities Lease financings, and School Bus Lease Programs on a tax-exempt basis, supporting capital facilities, equipment, and operational financing needs. Services span bonding capacity analysis, debt repayment planning, refunding analysis, credit enhancement, credit rating assistance, and regulatory form preparation.

Product overview

L.J. Hart & Company offers a comprehensive suite of municipal finance services for Missouri schools, counties, cities, and not-for-profits. The core offerings comprise Bond Services (General Obligation Bond underwriting for tax-exempt borrowing), Capital Facilities Lease Services (flexible lease financing for cash flow management), and a School Bus Lease Program (specialized fleet leasing). These core products are supported by specialized sub-services including Bonding Capacity Analysis, Debt Repayment Analysis, Refunding Analysis, Credit Enhancement, Credit Ratings, Form C and Form A Preparation, Missouri Direct Deposit Program, Guaranteed Performance Contracts, Budget Development and Analysis, and Legislative Services. The company specializes in structuring financings with voter approval requirements, offering both General Obligation Bonds (requiring 4/7 or 2/3 majority voter approval) and Capital Facilities Lease financing (requiring simple majority) to help issuers select the most appropriate financing method.

Differentiator

Problem solved

Functional benefit

Products and services

• Bond Services Municipal bond underwriting and financing services enabling Missouri local governments—including school districts, counties, and cities—to borrow money on a tax-exempt basis for capital facilities and equipment needs.
• Capital Facilities Lease Services Lease financing solutions that provide flexible cash flow management options for Missouri local governments to fund capital facilities projects without requiring voter-approved bond issuances.
• School Bus Lease Program Specialized lease program enabling Missouri school districts to acquire school buses with flexible payment structures that accommodate district budgets and transportation needs.
• Missouri Direct Deposit Program State-administered program providing Missouri school districts issuing general obligation bonds with an AA+ rating by S&P Global at no charge, administered through the Missouri Health and Educational Facilities Authority (MoHEFA).
• Financing Strategies Custom-tailored financing programs developed by understanding current financial situations and outlining action plans including General Obligation Bonds and Capital Facilities Lease financing options.
• Other Professional Services Professional services bundle including Form A calculation for operating levy tax rates, budget development and analysis, and legislative assistance such as committee testimony and special legislation drafting.

Quantifiable outcome

• Saved Kennett 39 School District over $3.9 million through refinancing
• +3 more outcomes

Named customers14 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Commerce Brokerage Services Inc.coreChannel Partner/ Reseller/ DistributorCommerce Brokerage Services Inc. (member of FINRA and SIPC, registered with SEC and MSRB) is an affiliate that may distribute offerings from L.J. Hart & Company. The firm remits a portion of the Underwriting Fee (concession) to this affiliate for distributed bonds.
• Commerce Bank Capital Markets GroupcoreChannel Partner/ Reseller/ DistributorAffiliates of L.J. Hart & Company that may distribute bond offerings. Part of the Commerce Bank institutional network for capital markets activities.
• First Banker's Banc Securities, Inc.minorStrategic or Co-development PartnerBackup contact for business continuity purposes. If L.J. Hart cannot be reached after a significant business disruption, clients should call First Banker's Banc Securities at (314) 726-2880. L.J. Hart intends to set up temporary offices at their location (1714 Deer Tracks Trail, Suite 110, St. Louis, Missouri 63131) in case of disaster.
• PershingcoreTechnology or IntegrationClearing firm for L.J. Hart & Company. Pershing backs up important records in a geographically separate area and provides customer account access instructions during business disruptions. Objective is to restore operations within the same day following a disruption.
• Missouri Association of Rural EducationminorStrategic or Co-development PartnerLarry J. Hart serves on the Board of Advisors for the Missouri Association of Rural Education, providing municipal finance expertise to the education community.
• Missouri School Boards AssociationminorStrategic or Co-development PartnerL.J. Hart & Company is an associate member, providing financing services and expertise to member school districts.
• Missouri Association of School Business OfficialsminorStrategic or Co-development PartnerL.J. Hart & Company is an associate member, connecting with school business officials across Missouri.
• Chamber of Commerce of the City of ChesterfieldminorStrategic or Co-development PartnerL.J. Hart & Company is a member of the Chamber of Commerce of the City of Chesterfield, Missouri, supporting local business community engagement.

Scale indicators7 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Hilltop Securities: Hilltop Securities is a Texas-based municipal securities broker-dealer specializing in public finance underwriting and advisory for state and local governments, including K-12 and higher education. Closely comparable to L.J. Hart in its regional municipal underwriter model and education-vertical focus.
• Ziegler: Ziegler is a specialty investment bank with deep focus on education, healthcare, and not-for-profit sectors, including municipal underwriting and financial advisory. Comparable to L.J. Hart in its education-vertical specialization and focus on tax-exempt financing for institutional issuers.
• Crews & Associates: Crews & Associates is a regional municipal securities broker-dealer headquartered in Arkansas that underwrites tax-exempt bonds for state and local governments, including school districts. Directly comparable as a regional broker-dealer competing in similar issuer segments with similar underwriting-focused business model.

Broad incumbents

• Piper Sandler: Piper Sandler operates a national public finance practice that underwrites municipal bonds for school districts, cities, counties, and not-for-profits. Comparable to L.J. Hart in municipal underwriting services for educational issuers, though materially larger and geographically diversified.
• Robert W. Baird: Robert W. Baird & Co. maintains a public finance group underwriting general obligation and revenue bonds for municipalities and school districts across multiple states. Comparable in core municipal underwriting activities, with a broader national footprint and additional investment banking capabilities.
• Stifel Financial: Stifel has a sizable municipal securities and public finance practice serving cities, counties, school districts, and not-for-profits across the U.S. Comparable in municipal bond underwriting and financial advisory for governmental issuers, though operating as part of a much larger diversified broker-dealer.
• KeyBanc Capital Markets: KeyBanc Capital Markets operates a public finance group that underwrites general obligation and revenue bonds for municipalities, school districts, and not-for-profits. Comparable in municipal underwriting for governmental and educational issuers, operating within a larger regional bank holding company structure similar to Commerce Bank for L.J. Hart.
• Wells Fargo Municipal Securities: Wells Fargo operates one of the largest municipal securities underwriting and trading platforms in the U.S., serving school districts, cities, counties, and state issuers. Comparable in core municipal bond underwriting services for governmental clients, though operating at vastly greater scale.

Regional players

• D.A. Davidson: D.A. Davidson is a regional broker-dealer with a public finance and municipal securities group serving issuers in the Western U.S. Comparable in its regional broker-dealer model and municipal underwriting capabilities, though its geographic footprint is concentrated west of the Mississippi rather than in Missouri.

Others

• Commerce Brokerage Services: Commerce Brokerage Services Inc. is a FINRA-registered affiliate of L.J. Hart's parent, Commerce Bank, that distributes municipal bond offerings. Directly tied to L.J. Hart as a sibling distribution channel within the same parent company, sharing customers and the Missouri regional focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks2 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about L.J. Hart & Company