Dundee Bank got its start just a year ago.  Now it’s being bought out by Scotiabank for $260 million. 

The acquisition provides an exit strategy for Dundee Bank, which has recently been caught up in Canada’s commercial paper crisis.

Despite a last-minute competing bid, the deal is expected to close this week.

Virtually no details have been released about the fate of Dundee Bank’s mortgage business.  Sources we’ve spoke with speculate that Scotia will close Dundee’s mortgage division but only time will tell.

Hopefully that’s not the case.  Dundee has offered excellent mortgage rates and service ever since they opened their doors.