Scotiabank Clears Federal Reserve Hurdle to Acquire MapleMark Parent Maple Financial

The Federal Reserve Board approved the Bank of Nova Scotia's application to become a bank holding company by acquiring Dallas-based Maple Financial Holdings and indirectly Tulsa, Oklahoma-based MapleMark Bank, PYMNTS.com reported. Bank of Nova Scotia operates as Scotiabank. Maple Financial holds about $1 billion in consolidated assets and about $837.5 million in consolidated deposits.

How the Federal Reserve Approved the Scotiabank Deal

The Federal Reserve Board approved the application on a unanimous board vote, according to the order cited by PYMNTS.com. Maple Financial's deposits account for less than 1% of the total deposits of insured depository institutions in the United States. Mirage News reported that the approval lets the Canadian bank expand its U.S. presence through the acquisition. Blockchain News reported that the approval was granted through the central bank's order on October 29, 2026.

Scotiabank announced in May that it agreed to acquire Maple Financial Holdings to support strategic growth in its 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."

MapleMark's Deposit Base and Dallas Presence

According to akta.pro company records, Scotiabank entered a definitive agreement in May 2026 to acquire Maple Financial Holdings Inc., the parent of MapleMark Bank, to expand its North American footprint, support its Mortgage Capital Markets business and enable FDIC-insured deposit offerings for clients. The same records describe MapleMark Bank as a privately held, FDIC-insured commercial bank founded in 1909, headquartered in Tulsa with a Dallas branch, serving high-net-worth individuals, family offices, middle-market companies, hedge funds and boutique private equity groups. The records list Tony Davis as chairman and CEO and Eric L. Davis as president.

Scotiabank's Earlier KeyCorp Stake

Scotiabank announced in December 2024 that it acquired a 10% pro-forma stake in KeyCorp for cash consideration of about $2 billion, following a 4.9% stake acquired in August 2024, bringing its total stake 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 December 27, 2024 press release.