Scotiabank will buy commercial bank Maple Financial Holdings and its subsidiary, MapleMark Bank, for an undisclosed sum, the Toronto-based lender said Friday.
The purchase “further supports our strategic focus within the North American corridor,” Travis Machen, who leads capital markets for Scotiabank, said in a prepared statement.
Machen, who serves on the Financial Sector Advisory Council of the Federal Reserve Bank of Dallas, called MapleMark a “well-run bank.” MapleMark counted just over $1 billion in assets and $826 million in deposits as of March, according to FDIC data. The bank has operations in Dallas, as well as Tulsa, Oklahoma.
“Our acquisition of MapleMark Bank allows Scotiabank to offer [Federal Deposit Insurance Corp.] deposit insurance to our clients, which is important for our Mortgage Capital Markets business and our deposit growth strategy,” Machen said.
The Canadian bank has been expanding its reach in the U.S. over the past several years, taking a nearly 15% stake in Cleveland-based KeyBank in 2024.
Scotiabank CEO Scott Thomson touched on at least one benefit from the MapleMark deal during a quarterly earnings call Wednesday.
"If we could do something to get FDIC insurance, get some more sticky deposits that allowed us to fully capitalize on that opportunity, we would do something in that regard,” Thomson said. “When I say tuck-in, what’s the size? I don’t know, C$200 million, C$300 million, C$400 million — I mean, we’re not talking about billions of dollars here.”
A timeline for closing the MapleMark deal was not made public Friday. Scotiabank said it doesn’t expect the deal to have a material impact on its earnings or common equity tier 1 ratio. The transaction is subject to customary closing conditions and regulatory approvals.
Scotiabank has roughly C$1.5 trillion ($1.09 trillion) in assets, ranking it among the largest banks in Canada and North America overall.
Scotiabank did not respond to a request for comment.
