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SURETY CAPITAL FILES APPLICATION FOR MERGER WITH BANK OF EAST TEXAS AND FIRST STATE BANK

 SURETY CAPITAL FILES APPLICATION FOR MERGER
 WITH BANK OF EAST TEXAS AND FIRST STATE BANK
 HURST, Texas, Nov. 5 /PRNewswire/ -- Surety Capital Corporation ("Surety") (NASDAQ: LOAN) announced today that its subsidiary, Texas Bank, N.A., has filed an application with the Office of the Comptroller of the Currency for the merger of the Bank of East Texas, located in Chester, Texas, and First State Bank, located in Wells, Texas, into Texas Bank, N.A. Both are Texas Banking associations located near Lufkin, Texas.
 The purchase price for each bank will be its book value, to be determined based upon the financials of each bank, subject to an audit or other specified review procedure performed by Surety or its accountants.
 The bank holding companies owning the respective banks will receive cash in the transactions. Surety intends to finance the transactions with excess capital of Texas Bank, N.A.
 At Dec. 31, 1991, the Bank of East Texas had approximate total assets of $8,765,000, total revenues of $769,000, total equity of $547,000 and net income of $3,000, and First State Bank had approximate total assets of $12,371,000, total revenues of $1,138,000, total equity of $1,050,000 and net income of $98,000.
 The completion of the mergers is subject to a number of contingencies, including, agreement upon the book value of the banks by the respective bank holding companies, due diligence review by Surety of the banks and their respective loan portfolios, regulatory approvals by applicable banking authorities, contemporaneous closing of both mergers and other matters. There is no assurance the transactions will be completed. If consummated, the transactions are expected to close on or before Dec. 31, 1992, within 30 days following receipt of all necessary approvals.
 Jack Bean, president of Surety, stated that: "The Bank of East Texas and First State Bank are located in the service area of Texas Bank, N.A. in Lufkin, Texas. We expect these mergers to significantly increase the size of Texas Bank, N.A., to open many new avenues of business and growth for Texas Bank, N.A. and to provide significant cost savings through combined operations. We will continue to serve the community in the same fashion as has been done by these banks."
 Surety is a publicly owned bank holding company located in Hurst. Surety owns a subsidiary national bank, Texas Bank, N.A., with full service offices located in Hurst and Lufkin, Texas. Texas Bank, N.A. engages in general commercial and consumer banking, and concentrates its lending activities in the area of insurance premium financing. Surety's common stock is traded on the National Association of Securities Dealers Automated Quotation System (NASDAQ) under the symbol "LOAN."
 -0- 11/5/92
 /CONTACT: C. Jack Bean, president of Surety Capital Corporation, 817-498-8154/
 (LOAN) CO: Surety Capital Corporation; Texas Bank, N.A. ST: Texas IN: FIN SU: TNM


TS -- NY021 -- 2902 11/05/92 09:18 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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