On January 25, Maple Financial Holdings Inc., the parent company of Dallas-based MapleMark Bank, and Oakwood Bancshares Inc., the parent company of Dallas-based Oakwood Bank, announced that they have entered into a definitive merger agreement to combine in a merger-of-equals transaction. Under the terms of the agreement, the combined holding company will be Maple Financial Holdings Inc. and the combined bank will operate under the Oakwood Bank name and brand. The transaction is expected to close in the second quarter of 2022.
The merger combines two complementary banking platforms headquartered in the high-growth Dallas market. MapleMark Bank and Oakwood Bank were both founded in 2017. The combined company will have approximately $2 billion in total assets and operate from five branches in the Dallas market, as well as branches in Tulsa, Oklahoma, and Snyder and Oakwood, Texas. Following the merger, Tony Davis, the current chairman and CEO of MapleMark Bank, will serve as the executive chairman of the combined institution, and Roy Salley, the current chairman, president and CEO of Oakwood Bank, will serve as chief executive officer. The board of directors of the combined company will consist of equal numbers of legacy MapleMark and Oakwood directors.
“We are excited about the combination with Oakwood and their management team,” Davis says. “Oakwood has earned its strong reputation throughout the community and we look forward to joining forces. Our shared culture, strategic vision and complementary strengths will provide significant value for shareholders and clients alike going forward. The combined company will benefit from enhanced scale, increased market share and an experienced leadership team.”
“This strategic combination will allow us to accelerate our goals as an organization,” Salley says. “MapleMark brings a management team with an established track record of success and a strong commitment to the community. With an enhanced branch footprint and greater capital strength, we will be able to better serve our customers and provide significant value for our shareholders. We have aligned ourselves with a like-minded community bank and are excited to leverage our respective strengths as a combined organization.”
MapleMark Bank reports assets of $984 million and currently operates two branches in Dallas and one in Tulsa, Oklahoma. Oakwood Bank has $698 million in total assets and operates three branches in Dallas, one branch in Snyder and one branch in Oakwood.