A troubled Texas bank company put itself on the block this week, announcing that its board is accepting offers from other banks.
Surety Capital Corp., based in Hurst, said it expected "several offers" and announced that its chairman and chief executive, Bobby W. Hackler, had resigned. Surety is the parent of Surety Bank, a $175 million-asset institution with 11 branches.
In August the company reported a second-quarter loss of $709,000 after boosting loss reserves. The Office of the Comptroller of the Currency had ordered the bank to increase reserves as losses mounted in factoring receivables and out-of-state lending.
Surety reported net income of $150,000 for the third quarter, down from $520,000 a year earlier. The company has not released fourth-quarter results.
C. Jack Bean, chairman of Surety until his retirement last year, has returned as Mr. Hackler's successor until a buyer can be found. He said there is no timetable for selling the bank.
"We still have a very good business," he said. "We need a merger partner who would like to be in the businesses that we are in."
Surety's stock, which has traded at less than $3 since August, rose 81.25 cents Wednesday, to $2.8125, after the announcement. It was trading at $3.125 at midafternoon Thursday.