Bank of Nova Scotia operates as Scotiabank, according to the company’s website.
The application was approved on a unanimous board vote.
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. “MapleMark Bank is a well-run bank primarily operating in Dallas, Texas and further supports our strategic focus within the North American corridor.”
In an earlier move, Scotiabank announced in December 2024 that it acquired a 10% pro-forma stake in KeyCorp for a cash consideration of about $2 billion. That followed the bank’s acquisition of a 4.9% stake in the company in August of 2024, and brought its total stake in KeyCorp to 14.9%.
KeyCorp’s operations include about 1,000 bank branches under the name KeyBank.
“Our investment in KeyCorp represents a cost-effective, low-risk approach to deploying capital into the U.S. while boosting returns for our shareholders,” Scotiabank President and CEO Scott Thompson said in a Dec. 27, 2024 press release. “We are pleased to have closed this transaction, which is consistent with our commitment to allocate capital from developing markets to developed markets in North America.”
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