The deal gives Scotiabank FDIC deposit insurance to support its Mortgage Capital Markets business, with no material impact expected on earnings or capital ratios
Scotiabank has entered into a definitive agreement to acquire Maple Financial Holdings, the parent company of MapleMark Bank, a US commercial bank operating primarily in Dallas, Texas.
“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,” said Travis Machen, CEO and Group Head of Global Banking and Markets at Scotiabank. He described MapleMark as a well-run bank that supports the group’s strategic focus on the North American corridor.
The transaction is subject to customary closing conditions and regulatory approvals and is not expected to have a material impact on Scotiabank’s earnings or CET1 ratio.