If the holes are small D shaped holes, then I suspect the Emerald Ash Borer, which will ultimately kill the tree. There are native borers as well, but borers are indicators of a stressed tree. Positive ID of the borer or damage is really needed to provide more information
You can learn more about EAB at http://www.emeraldashborer.info
There are limited options available and if more than 20% of the canopy is affected it is too late.