SURETY CAPITAL SUBSIDIARY COMPLETES ACQUISITION OF INSURANCE PREMIUM FINANCE PORTFOLIO
SURETY CAPITAL SUBSIDIARY COMPLETES ACQUISITION
OF INSURANCE PREMIUM FINANCE PORTFOLIO
HURST, Texas, Nov. 6 /PRNewswire/ -- Surety Capital Corporation (NASDAQ: LOAN) of Hurst, Texas announced today that its wholly owned subsidiary, Texas Bank N.A., completed its acquisition of certain insurance premium finance loans from PCO Premium Finance Company, Houston, Texas. In connection with this transaction, PCO and its principals entered into a noncomplete agreement, with respect to engaging in insurance premium financing, which calls for all future insurance premium finance business previously conducted through PCO to be directed to Texas Bank, N.A. Surety had previously announced the signing of a letter of intent with respect to this transaction.
Surety also announced today that a proposed acquisition of certain insurance premium finance loans from Magnolia Acceptance Corporation, Kansas City, Mo., which had previously been announced, will not be consummated.
Surety Capital Corporation is a bank holding company which owns Texas Bank, N.A., a commercial lender which specializes in casualty insurance premium finance loans, through its Surety Premium Finance Division. Its offices are located in Lufkin and Hurst, Texas.
/CONTACT: C. Jack Bean of Surety Capital, 817-498-8154/
(LOAN) CO: Surety Capital Corporation; Texas Bank N.A.; PCO Premium
Finance Company ST: Texas IN: FIN SU: JT -- NY052 -- 1736 11/06/91 12:52 EST