Scotiabank buying U.S. commercial bank MapleMark

Scotiabank has signed a deal to buy the parent company of MapleMark Bank, a U.S. commercial bank.

Financial terms for Maple Financial Holdings Inc. were not immediately available.

Travis Machen, chief executive and group head of global banking and markets at Scotiabank, says the deal allows the Canadian bank to offer U.S. Federal Deposit Insurance Corp. deposit insurance to clients.

“MapleMark Bank is a well-run bank primarily operating in Dallas, Texas and further supports our strategic focus within the North American corridor,” Machen said in a statement Friday.

MapleMark Bank serves high-net-worth clients, family offices, middle-market companies, hedge funds and boutique private equity groups.

The deal is subject to customary closing conditions and regulatory approvals.

The acquisition comes after Scotiabank beat expectations when it reported earlier this week a second-quarter profit of $2.6 billion, up from $2 billion a year earlier.

Scotiabank bought a stake in U.S. bank KeyCorp in 2024 in a bid to grow its foothold in the U.S. market.

KeyCorp has a network of about 950 branches across 15 states.

The Canadian Press

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