Donald A. Estell, regarded as one of the elder statesman of Missouri’s public finance community and who was named head of public finance at Commerce Bank Capital Markets Group last summer, died Sunday night after the small plane he was piloting crashed. He had turned 65 earlier this month.
News that Mr. Estell, the longtime president of Stern Brothers & Co. who retired in 2008, was one of two men killed in the crash stunned the local public finance community. Mr. Estell, of Clayton, and the plane’s only other occupant, Robert Clarkso, of Cahokia, were killed when Mr. Estell’s Piper Malibu crashed into an unoccupied home outside of Belleville, Ill., as the two were headed to the St. Louis Downtown Airport after a weekend at a flight training center in Florida. Local and federal authorities are investigating the cause.
Mr. Estell’s colleagues, friends, and clients said the veteran public finance banker and financial adviser would be sorely missed. “It’s just a horrible loss for the authority,” said Michael Stanard, executive director of the Missouri Health and Educational Facilities Authority. Mr. Estell had served as financial adviser to the agency for more than two decades. “Don was a great person to work with and a great asset to the authority. He was very popular with our borrowers who trusted him, which is probably a good part of why our board has retained him.”
Mr. Estell graduated from Southwest Missouri State University in Springfield. Before entering banking he was director of the Missouri Division of Commerce and Industrial Development, where he was instrumental in developing early legislation authorizing the use of private-activity bonds in the state. He later joined Stifel Nicolaus.
In 1985, he cofounded Bingham & Co. Capital Markets. Four years later he acquired the assets of Stern Brothers, where he spent the next 20 years building its staff, business, and reputation. In 2007, he handed the reins to Terrence Finn and took on the role of chairman until his retirement in 2008.
“We are deeply saddened by the loss of Don Estell … He was a beloved colleague who recruited and developed many of the professionals who continue to lead Stern Brothers & Co. today. He was a mentor and a true gentleman. He touched many and will be missed by all,” a statement from the firm said.
After his retirement from Stern, Mr. Estell decided to focus on higher education, keeping his longtime clients MOHEFA and the University of Missouri system. He worked as an independent financial adviser until Commerce Bank tapped him to lead its public finance group last summer.
“Don was just a wonderful human being,” said his friend Mike Lause, a partner at Thompson Coburn who is general counsel to MOHEFA. “He had a reputation for being fair, ethical, and down to earth. No one has a bad word to say about Don.”
Mr. Estell “loved to fly and tinker with planes,” Lause said. He was a former board member of Angel Flight Midwest where he helped transport people in need. He also was a loyal fan of the University of Missouri’s football and basketball teams.
Mr. Estell is survived by his longtime wife Linda, his son, Taylor, his daughter Nicole, and several grandchildren. Services are pending.
