Press Release

Federal Reserve Board Announces Approval of Application by The Bank of Nova Scotia

WASHINGTON — In a regulatory decision announced late Thursday afternoon, the Federal Reserve Board has formally approved an application submitted by The Bank of Nova Scotia, headquartered in Toronto, Canada. The approval grants the prominent international financial institution authorization to become a bank holding company through the strategic acquisition of Maple Financial Holdings, Inc., a financial holding company based in Dallas, Texas.

As a direct result of this regulatory clearance and the subsequent completion of the transaction, The Bank of Nova Scotia will also indirectly acquire MapleMark Bank, a commercial banking institution headquartered in Tulsa, Oklahoma. The announcement, which was officially cleared for release at 4:30 p.m. Eastern Daylight Time on October 29, 2026, marks a notable cross-border expansion for one of Canada’s largest and most established banking organizations into the regional banking landscape of the United States.

The transaction brings together two distinct financial entities with differing geographic footprints, positioning The Bank of Nova Scotia to deepen its operational presence within the North American financial market. By securing approval from the United States central banking authority, the Canadian bank has cleared a critical regulatory milestone that governs foreign banking organizations seeking to acquire domestic depository institutions and bank holding companies within the United States.

The regulatory review process overseen by the Federal Reserve Board is designed to evaluate a wide array of statutory factors before granting approval for transactions of this nature. These statutory considerations typically include an assessment of the financial and managerial resources of the applicant institutions, the future prospects of the organizations involved, convenience and needs of the communities to be served, and the effectiveness of the institutions in combating money laundering and other illicit financial activities. With the announcement of the approval, the Federal Reserve has indicated that the proposed acquisition by The Bank of Nova Scotia meets the rigorous standards established under U.S. federal banking laws, including the Bank Holding Company Act.

Maple Financial Holdings, Inc., operating primarily out of Dallas, Texas, has served as the parent organization for MapleMark Bank, which maintains its headquarters in Tulsa, Oklahoma. Through the acquisition, The Bank of Nova Scotia acquires not only the parent company’s operational assets and corporate structure but also assumes indirect control over MapleMark Bank’s charter, customer relationships, and localized banking operations in Oklahoma and surrounding regions. While MapleMark Bank operates on a more localized scale compared to the vast global network of The Bank of Nova Scotia, its inclusion provides the Canadian banking giant with a direct foothold in key regional markets within the American Southwest.

The Bank of Nova Scotia, widely known internationally as Scotiabank, operates as a leading multinational financial services provider, offering a comprehensive range of retail, commercial, corporate, and investment banking services across multiple continents. The expansion into the United States via the acquisition of Maple Financial Holdings and MapleMark Bank aligns with the institution’s broader strategic objectives regarding geographic diversification and cross-border commercial opportunities within North America.

Regulatory filings and procedural reviews regarding major international acquisitions of U.S. banking institutions often require extensive coordination between foreign regulatory bodies and domestic authorities such as the Federal Reserve. The announcement on Thursday signifies the culmination of this thorough evaluation period, paving the way for the structural integration of Maple Financial Holdings into The Bank of Nova Scotia’s corporate architecture.

For members of the press, financial analysts, and members of the public seeking further details regarding the Federal Reserve Board’s decision, official inquiries can be directed to the media relations department. The Federal Reserve Board has provided contact channels for press communications, indicating that media representatives may reach out via email to [email protected] or by contacting the communications office directly by telephone at (202) 452-2955.

As the transaction moves forward following this regulatory authorization, attention will shift toward the operational integration of Maple Financial Holdings and MapleMark Bank under the overarching corporate governance of The Bank of Nova Scotia. The conclusion of the regulatory review process removes the primary hurdle for the cross-border deal, setting the stage for the formal transition of ownership in the weeks and months ahead.