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Scotiabank Wins Fed Approval to Buy Oklahoma-Based MapleMark Bank

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Scotiabank Wins Fed Approval to Buy Oklahoma-Based MapleMark Bank

The Federal Reserve Board approved the application by the Bank of Nova Scotia to become a bank holding company by acquiring Dallas, Texas-based Maple Financial Holdings and thereby indirectly acquiring Tulsa, Oklahoma-based MapleMark Bank, the Fed said in a Thursday (Oct. 29) press release.

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Bank of Nova Scotia operates as Scotiabank, according to the company’s website.

Maple Financial has consolidated assets of about $1 billion and controls about $837.5 million in consolidated deposits, which accounts for less than 1% of the total amount of deposits of insured depository institutions in the United States, according to the Federal Reserve Board’s order.

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Scotiabank announced in May that it agreed to acquire Maple Financial Holdings to support Scotiabank’s strategic growth in the global banking and markets business.

The company described MapleMark Bank as a U.S. commercial bank that primarily operates in Dallas.

Scotiabank said the planned acquisition was subject to customary closing conditions and receipt of regulatory approvals.

“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,” Travis Machen , CEO and group head, global banking and markets at Scotiabank, said in a May 29 press release.



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