Scotiabank ® to buy Texas-based commercial bank
“Buying MapleMark Bank allows the Canadian lender to offer FDIC insurance to clients and furthers its North American growth goals, an executive said.
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 Scotiabank’s global banking and markets, said in a prepared statement.
Machen, who serves on the Federal Reserve Bank of Dallas Financial Sector Advisory Council, called MapleMark a “well-run bank.” The bank is based in Dallas.
“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 allocating more money in North America, according to a strategy announced in 2023, the Financial Post reported, including in the U.S.” ~ Gabrielle Saulsbery Senior Reporter
this is rather strategic acquisition.
