Herrera Financial established in 2007, by Veronica Herrera, to provide insurance assignment financing primarily for Hispanic funeral homes.
Surety Capital chairman of the board and CEO Ralph Mendoza said Herrera allows Surety to expand on the business plan of serving the Hispanic market.
"Dick Abrams, Surety’s largest shareholder and a beneficiary of the trust selling Herrera’s customer list, web-site, systems and name to Surety, has agreed to remain on the board of directors and act as a consultant for Surety."
Surety Capital said since it is only buying the customer list, web-site, systems and name of Herrera, Abrams has agreed to provide Surety with a line of credit bearing interest at 6% in order for Surety to transact business with Herrera’s customers. Surety agreed to give the Trust 3 million shares of its lettered common stock.
