(RTTNews) - The Bank Of Nova Scotia (BNS, BNS.TO) said on Friday that it has inked a deal to acquire Maple Financial Holdings, Inc., parent company to MapleMark Bank.
Travis Machen, CEO and Group Head, Global Banking and Markets, Scotiabank, said: "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. MapleMark Bank is a well-run bank primarily operating in Dallas, Texas."
The transaction is not expected to have a material impact on Scotiabank's earnings, the lender said.
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