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Surety Capital Acquires Herrera Financial

FORT WORTH, Texas, Feb 10, 2011 (BUSINESS WIRE) -- Surety Capital Corp. (Pink Sheets: SRYP) finalized the acquisition of Herrera Financial Company's customer list, web-site, systems and name. Herrera Financial is a leading insurance assignment company operating throughout the United States. Veronica Herrera established Herrera Financial in 2007 to provide insurance assignment financing primarily for Hispanic funeral homes.

Surety's Chairman of the Board and CEO Ralph Mendoza, formerly Fort Worth police chief, stated "Since Surety sold its previous banking subsidiary, we have been looking for opportunities in the Hispanic business community as it is the fastest growing segment in America. Herrera allows us to expand on our business plan of serving the Hispanic market. In fact the recent census shows Texas' population growing by over 20% during the past 10 years with Hispanics accounting for a substantial amount of that growth."

Veronica Herrera stated, "We are excited about becoming part of Surety Capital Corp. since it allows my clients a unique opportunity that's not available to others using an insurance assignment company."

Chairman Mendoza stated that, "Dick Abrams, Surety's largest shareholder and a beneficiary of the trust selling Herrera's customer list, web-site, systems and name to Surety, has agreed to remain on the Board of Directors and act as a consultant for Surety. Dick is the innovator for this industry and has been an instrumental influence the industry's development." Since Surety is only buying the customer list, web-site, systems and name of Herrera, Abrams has agreed to provide Surety with a line of credit bearing interest at 6% in order for Surety to transact business with Herrera's customers. Surety agreed to give the Trust 3,000,000 shares of its lettered common stock.

Chairman Mendoza stated that Surety is exploring opportunities to allow Herrera's clients to participate in the future growth of this publicly held corporation. Chairman Mendoza stated, "We hope to provide a unique opportunity that no other company offers. Our clients will be able to own a portion of the company they do business with. We are excited over the prospect that our clients will have an additional way to profit from the business they transact with us. This plan will be announced shortly."

Forward-Looking Statement

This release contains forward-looking statements that reflect Surety's plans and expectations. In this press release and related comments by Company management, words like "hope," "profit," "leading," "opportunity," "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

SOURCE: Surety Capital Corporation

CONTACT:

Surety Capital Corp. Ralph Mendoza, 817-984-8808 [e-mail]

Copyright Business Wire 2011

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KEYWORD: United States
North America
Texas
INDUSTRY KEYWORD: Professional Services
Insurance
SUBJECT CODE: Merger/Acquisition

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MKT.: 396000 Dollar
Shares Outstanding: 11.300.000,00 stück

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auf grund der News könnte hier in den stock wieder bewegung reinkommen.

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Friday, February 11 2011 4:05 AM, EST Surety Capital wraps up Herrera Financial buy M2 Communications "M&A Navigator"
US bank holding company Surety Capital (PINK:SRYP) said it had completed the acquisition of insurance assignment firm Herrera Financial Company .

The deal, whose financial terms remained undisclosed, involves the company's customer list, website, systems and name.

The acquisition of Herrera, which provides insurance assignment financing primarily to Hispanic funeral agencies, will enable Surety Capital to expand its service offering to the Hispanic business community, the buyer added.

Country: , USA

Sector: Insurance

Target: Herrera Financial Company

Buyer: Surety Capital Corp

Type: Corporate acquisition

Status: Closed

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