By Adriano Marchese

Bank of Nova Scotia is acquiring Maple Financial Holdings to secure a U.S. banking foothold that will allow it to offer FDIC-insured deposit to its clients.

The Canadian financial institution said Friday that it has entered into a definitive agreement to acquire Maple Financial, the parent of MapleMark Bank which operates as a commercial bank primarily out of Dallas, Texas.

Travis Machen, chief executive and group head of Scotiabank's Global Banking and Markets unit, said that the acquisition will allow the bank to offer Federal Deposit Insurance Corporation coverage to its clients, particularly in its Mortgage Capital Markets business.

"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.

The move is part of Scotiabank's strategic push to unify and modernize cash management capabilities across Canada, the U.S. and Mexico in recent months.

The company didn't disclose any financial details around the acquisition but said it isn't expected to have a material impact on its earnings or common equity tier 1 ratio, the capital the bank holds relative to its riskier assets.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 29, 2026 09:43 ET (13:43 GMT)

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