Scotiabank to acquire MapleMark Bank for US mortgage push

Scotiabank agreed to acquire Maple Financial Holdings Inc., the parent of Dallas-based MapleMark Bank, to strengthen its U.S. mortgage capital markets and warehouse lending strategy. The acquisition would provide FDIC-insured deposits for clients, supporting deposit growth and funding needs. Financial terms were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals. Scotiabank expects no material impact on earnings or its common equity tier 1 (CET1) capital ratio. The deal follows Scotiabank’s recent expansion of its U.S. mortgage capital markets platform, including hiring a team of JPMorgan Chase executives in Texas to lead a mortgage warehouse finance business.

"Scotiabank agreed to acquire Maple Financial Holdings, parent of Dallas-based MapleMark Bank, to add FDIC-insured deposits for its U.S. mortgage capital markets and warehouse lending strategy. The bank said terms were not disclosed and it does not expect a material impact to earnings or CET1."

"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 of global banking and markets at Scotiabank, said in a statement."

"The transaction is subject to customary closing conditions and regulatory approvals. Scotiabank said it does not expect the deal to have a material impact on its earnings or common equity tier 1 (CET1) capital ratio."

"In August 2024, the bank hired a team of seven JPMorgan Chase executives in Texas, including industry veteran Thanh Roettele, to lead a new mortgage warehouse finance business. JPMorgan, however, has remained the largest mortgage warehouse lender in the U.S, according to Inside Mortgage Finance."

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