In Brief: Texas' Surety Capital Busy on M&A Front

HURST, Tex. - Surety Capital Corp. completed one acquisition and announced plans for another.

The acquisition of Bank One Texas' Waxahachie branch into Surety Bank was completed Monday. It will be operated at its current location as one of seven full-service Surety branches in north and east Texas.

Surety said last week it plans to acquire First Midlothian Corp. in Midlothian and merge its sole subsidiary, First National Bank, into Surety Bank. The purchase price is based upon a multiple of 1.5 times First Midlothian's book value. The target's current shareholders will receive cash in the transaction.

As of June 30, First National had total assets of more than $53,000.

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