Dallas-based Maple Financial Holdings—the parent company of MapleMark Bank, a U.S. commercial bank with operations primarily in Dallas—has inked an agreement to be acquired by Toronto-based Scotiabank (NYSE: BNS).
Travis Machen, CEO and group head of global banking and markets at Scotiabank, said the acquisition “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,” Machen added in a statement.
The deal is subject to customary closing conditions and receipt of regulatory approvals and isn’t expected to have a material impact on Scotiabank’s earnings or CET1 ratio, the Canadian bank said.
With assets of around $1.5 trillion, Scotiabank is one of the largest banks in North America by assets. It also trades on the Toronto Stock Exchange (TSX: BNS).
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