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): November 8, 1999
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 (IRS Employer
jurisdiction of File Number) 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
On November 8, 1999 Surety Capital Corporation (the
"Registrant") announced that its operating results for the
quarter ending September 30, 1999 have not been finalized
pending the results of a review of the insurance premium finance
division of its wholly-owned subsidiary, Surety Bank, National
Association ("Surety Bank"). In connection with that review,
loan loss provisions may be increased or other potential
adjustments may be required that may affect the third quarter of
1999 and prior periods and may require restatement of prior
period financial statements of the Registrant. The results of
the review will be reported to the Office of the Comptroller of
the Currency pursuant to a formal agreement between Surety Bank
and the Office of the Comptroller of the Currency.
The American Stock Exchange, Inc. ("AMEX") halted trading
in the Registrant's securities on Monday, November 8, 1999,
pending the filing of the Registrant's Quarterly Report on Form
10-Q for the quarter ended September 30, 1999, and further
review of the Registrant's compliance with the continued listing
requirements of AMEX.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are furnished in accordance
with the provisions of Item 601 of Regulation S-K:
20 Press Release
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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: November 10, 1999 /s/ Charles M. Ireland
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Charles M. Ireland, Chairman of
the Board
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EXHIBIT 20
**PRESS RELEASE**
SURETY CAPITAL CORPORATION ANNOUNCES EARNINGS PENDING
For Release: Immediately Contact: Charles M. Ireland
Date: November 8, 1999 Chairman of the Board
AMEX Symbol: SRY 1 (800) SRY-5995
Charles Ireland, Chairman of the Board of Surety Capital
Corporation ("Surety Capital"), a bank holding company located
in Hurst, Texas, stated "Surety Capital's operating results for
the quarter ending September 30, 1999 have not been finalized
pending the results of a review in the insurance premium finance
division of its wholly-owned subsidiary, Surety Bank, N.A.
("Surety Bank"). In connection with that review, loan loss
provisions may be increased or other potential adjustments may
be required that may affect the third quarter of 1999 and prior
periods and may require restatement of prior period financial
statements of Surety Capital." The results of the review will
be reported to the Office of the Comptroller of the Currency
pursuant to a formal agreement between Surety Bank and the
Office of the Comptroller of the Currency.
Ireland also noted that Surety Capital and the Hurst banking
center will be moving into a new facility at 1501 Summit Avenue,
Fort Worth, Texas in early December, 1999. In connection with
the move, Ireland reported that Jerry L. Colwell, a commercial
loan officer in the Fort Worth market for seventeen years, has
joined Surety Bank as a Senior Vice President and Commercial
Loan Officer. "I am very excited about the expertise Jerry
Colwell brings to our team and the opportunities in the dynamic
Fort Worth area financial market." said Mr. Ireland.
Surety Capital had approximately $110,000,000 in assets and
seven community banking facilities located in north central and
south central Texas at September 30, 1999. Surety Capital
offers full service community banking, with a wide variety of
lending products including retail, commercial and SBA lending.
Surety Capital is a publicly traded company listed on the
American Stock Exchange (AMEX) under the symbol "SRY."
This press release contains forward-looking statements. All
forward-looking statements involve uncertainty and are subject
to change based on numerous factors, including competitive
conditions in the financial services industry, unforeseen
developments in portfolio performance, changes in loss reserves,
market conditions, changes in levels of business activity and
economic conditions, as well as those risks and uncertainties
detailed in Surety Capital's filings and reports with the
Securities and Exchange Commission. Forward-looking statements
are only predictions as to future events or results and actual
events or results may differ materially.
