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FORM 8-K
Securities and Exchange Commission
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 21, 1998
Surety Capital Corporation
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(exact name of registrant as specified in its charter)
Delaware 33-1983 75-2065607
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1845 Precinct Line Road, Suite 100, Hurst, Texas 76054
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(address of principal executive offices)
Registrant's telephone number, including area code: 817-498-2749
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
At the annual meeting of stockholders held on May 21, 1998,
C. Jack Bean announced that he will retire as Chairman of the
Board and Chief Executive Officer of the Company and as Chairman
of the Board of the Company's subsidiary, Surety Bank, National
Association ("Surety Bank"), effective as of August 31, 1998. Mr.
Bean will retain his positions as a director of both companies and
will continue to serve in a consulting capacity following his
retirement.
The Boards of Directors of the Company and Surety Bank have
named Bobby W. Hackler to succeed Mr. Bean as Chairman of the
Board and Chief Executive Officer of the Company and as Chairman
of the Board of Surety Bank, effective upon Mr. Bean's retirement.
Mr. Hackler will continue to serve as the President and Chief
Executive Officer of Surety Bank, and as a director of both the
Company and Surety Bank.
Mr. Hackler joined the Company in 1990. He currently serve
as Vice Chairman of the Board and Chief Operating Officer of the
Company, as Vice Chairman, President and Chief Executive Officer
of Surety Bank, and as a director of both companies.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibits are included with this Form 8-K
in accordance with the provisions of Item 601 of
Regulation S-K:
20 Press Release dated May 22, 1998*
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* Filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
SURETY CAPITAL CORPORATION
DATE: May 29, 1998 By: /s/ B. J. Curley
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B. J. Curley, Vice
President and Chief
Financial Officer
**News Release**
SURETY CAPITAL CORPORATION
For Release: Immediately Contact: C. Jack Bean
Date: May 22, 1998 Chairman of the Board
AMEX Symbol: SRY 1 (800) SRY-5995
Hurst, Texas, May 22, 1998 - Surety Capital Corporation
("Surety Capital"), a bank holding company located in Hurst,
Texas, announced that C. Jack Bean will retire as Chairman of
the Board and Chief Executive Officer of Surety Capital and
as Chairman of the Board of Surety Capital's subsidiary,
Surety Bank, N. A. ("Surety Bank") effective August 31, 1998.
Mr. Bean, however, will retain his positions as a director of
both Surety Capital and Surety Bank and continue to serve in
a consulting capacity following his retirement.
The Boards of Directors of Surety Capital and Surety Bank
have named Bobby W. Hackler to succeed Mr. Bean as Chairman
of the Board and Chief Executive Officer of Surety Capital
and as Chairman of the Board of Surety Bank effective upon
Mr. Bean's retirement. Mr. Hackler will continue to serve as
the President and Chief Executive Officer of the Bank, as
well as a director of both Surety Capital and Surety Bank.
Mr. Bean founded Surety Capital in 1985 and has served as its
Chairman of the Board and Chief Executive Officer since that
date. Surety Capital became a bank holding company with the
acquisition of its first bank on December 30, 1989. Mr. Bean
stated "now that I have reached seventy years of age and have
seen Surety Capital grow into the prosperous company that it
has become, I believe that it is time for me to step aside
and allow the next generation of management to direct the
Company. Mr. Hackler has been my chief operating executive
throughout most of Surety Capital's growth and successes. I
am totally confident in turning the management of the Company
over to him for the years to come. I look forward to playing
a less active role in the Company as a director and as a
consultant."
Mr. Hackler joined Surety Capital in January 1990. He
currently serves as Vice Chairman of the Board and Chief
Operating Officer of Surety Capital, as Vice Chairman of the
Board, President and Chief Executive Officer of Surety Bank,
and as a director of both Surety Capital and Surety Bank.
Mr. Hackler will continue in his present positions until Mr.
Bean's retirement on August 31, 1998. Mr. Hackler has over
twenty-five years of banking experience and has played a
major role in Surety Capital's growth and development. Mr.
Hackler stated "I look forward to the opportunity of managing
the Company. With Mr. Bean's counsel, I plan to continue the
Company's current profit- and growth-oriented business plan
with an emphasis on shareholder value."
Surety Capital is a $240,000,000 asset-based banking
organization with thirteen (13) community banking facilities
located in north central, south central and east Texas.
Surety Capital specializes in full service community banking,
offering a wide variety of lending products including retail,
commercial and SBA lending. Surety Premium Finance, a
division of Surety Bank, operates a multi-state insurance
premium finance company. Surety Capital is a publicly traded
company listed on the American Stock Exchange (AMEX) under
the symbol "SRY."
