Federal Reserve Board approves Bank of Nova Scotia bank holding company application

The Federal Reserve Board on Thursday announced its approval of the application by The Bank of Nova Scotia, of Toronto, Canada, to become a bank holding company by acquiring Maple Financial Holdings, Inc., of Dallas, Texas, and thereby indirectly acquiring MapleMark Bank, of Tulsa, Oklahoma.

The approval means The Bank of Nova Scotia will hold Maple Financial Holdings, Inc. and, through it, MapleMark Bank under a bank holding company structure. The Fed announced the decision for release at 4:30 p.m. EDT on Thursday.

The application links a Toronto-based lender with two US entities: Maple Financial Holdings, Inc. in Dallas, Texas, and MapleMark Bank in Tulsa, Oklahoma. The Fed's approval covers both the direct acquisition of the Dallas holding company and the indirect acquisition of the Tulsa bank.

For media inquiries on the decision, the Federal Reserve Board directed questions to [email protected] or (202) 452-2955.