Scotiabank to Acquire MapleMark Bank to Support Strategic Growth in Global Banking and Markets Business
The deal would add FDIC deposit insurance and support Scotiabank’s North American growth strategy, CEO Travis Machen said.
- On Friday, Scotiabank announced a definitive agreement to acquire Maple Financial Holdings, Inc., the parent company of MapleMark Bank, a commercial lender operating in Dallas, Texas.
- Scotiabank CEO Scott Thomson signaled an intent to pursue small acquisitions ranging from $200-million to $400-million to build capabilities in capital markets and wealth management businesses.
- The acquisition allows Scotiabank to offer Federal Deposit Insurance Corp. protection to clients, which "further supports our strategic focus within the North American corridor," said Travis Machen, Group Head of Global Banking and Markets.
- MapleMark Bank operates in Texas and Oklahoma with $1.01-billion in assets and 82 employees; the transaction is not expected to materially impact Scotiabank's earnings or capital ratios.
- The purchase continues Scotiabank's strategy to benefit from trade ties across Canada, Mexico, and the United States, building on the bank's $1.5 trillion in assets and its prior stake in Cleveland-based KeyCorp.
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Scotiabank is Buying a $1 Billion-Asset Bank With Dallas Roots
(WBAP/KLIF) -Scotiabank has announced its acquisition of Maple Financial Holdings Inc, which is the parent company of Maple Mark Bank that’s based in Dallas. The deal will allow Scotiabank to expand its services in North Texas and offer F-D-I-C deposit insurance to clients. Maple Mark Bank, founded by the Davis brothers in 2017, primarily serves high-net-worth individuals and middle-market companies. The acquisition adds to Scotiabank’s momen…
Scotiabank to buy $1 billion-asset bank with Dallas roots amid expansion push
After establishing its U.S. headquarters in Dallas last year, Canadian giant Scotiabank is revving up up its North Texas influence with the purchase of a $1 billion-asset bank with deep roots in the region. Read on to learn more about the deal and what it means for Scotiabank going forward.
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