Scotiabank is acquiring Maple Financial Holdings, the parent company of MapleMark Bank.
“Our acquisition of MapleMark Bank allows Scotiabank to offer FDIC deposit insurance to our clients, which is important for our Mortgage Capital Markets business and our deposit growth strategy. MapleMark Bank is a well-run bank primarily operating in Dallas, Texas and further supports our strategic focus within the North American corridor,” Travis Machen, CEO and group head, global banking and markets at Scotiabank, said.
MapleMark Bank is based in Tulsa, Oklahoma and has clients across North Texas. The bank serves high-net-worth individuals, family offices, middle-market companies, hedge funds, and boutique private equity groups. The bank combines modern technology with a private-banking mindset to create an experience that is efficient, personal, and intentionally quiet in a noisy industry.
The transaction is subject to customary closing conditions and receipt of regulatory approvals. It is not expected to have a material impact on Scotiabank’s earnings.
With assets of approximately $1.5 trillion as at April 30, Scotiabank is one of the largest banks in North America by assets. Based in Toronto, Scotiabank offers its clients a broad range of products and services including advice, personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.