Scotiabank in Toronto has agreed to buy Maple Financial Holdings in Tulsa, Okla.
The Canadian bank did not disclose how much it will pay for the parent of the $1 billion-asset MapleMark Bank. Most of the bank’s deposits are in the Dallas area.
The acquisition “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, Scotiabank’s CEO and group head of global banking and markets, said in a press release.
“MapleMark Bank is a well-run bank primarily operating in Dallas … and further supports our strategic focus within the North American corridor,” Machen added.