Scotiabank Expands to Dallas With MapleMark Acquisition

Toronto-based Scotiabank will purchase Maple Financial Holdings, the parent company of MapleMark Bank.

The Tulsa, Oklahoma-based MapleMark mostly operates out of the Dallas-Fort Worth Metroplex, and was explicitly founded to serve middle-market companies and high net worth individuals, according to the Dallas Business Journal. The bank had $1 billion in assets, $826 million in deposits, and $793 million in loans at the end of March, according to the publication.

Financial terms of the deal were not disclosed.

Scotiabank is a financial juggernaut. The Canadian institution is the third-largest in the country, and oversees more than $1.5 trillion in assets. Recently, they planted a flag in the Dallas-Fort Worth Metroplex by establishing their regional hub in Uptown Dallas. Hillwood was tapped to develop their 100,000 square-foot-plus, three-floor headquarters in Victory Commons. Additionally, the bank plans to invest $60 million over the next three years at 2601 Victory Avenue.

Over 1,000 employees will eventually operate out of the Victory Commons location, according to a Hillwood press release from March. Scotiabank only considered Dallas and Charlotte, North Carolina for its push into the southern half of the US. At the time, Hillwood said in the press release that former President George W. Bush helped tempt Scotiabank to Dallas.

Dallas offered $5 million in tax incentives to lure Scotiabank to Y’all Street, $2.7 million of that earmarked for economic development grants tied to job creation and permitting cost. For their part, MapleMark operates out of Harlan Crow’s Old Parkland office campus at 4143 Maple Avenue.

Beyond acquiring the local workings of MapleMark, the acquisition allows Scotiabank to offer FDIC deposit insurance to clients, according to Scotiabank CEO Travis Machen.

Luring Scotiabank to Dallas is the latest in a series of victories for Uptown. There’s a newly-minted stock exchange coming to town, Charles Schwab, Goldman Sachs and Fifth Third Bank are expanding their presence in the area.

— Hunter Cooke