HURST, Tex. -- Surety Capital Corp. said its subsidiary, Texas Bank, has made definitive agreements to acquire Bank of East Texas, Chester, and First State Bank in Wells, Tex.

Pursuant to letters of intent signed April 20, both acquisitions would be for book value in cash, and the banks would merge into Texas Bank.

Bank of East Texas has about $9 million in assets, First State Bank $12 million, and Texas Bank $27 million.

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