First American Title announces high level of real estate activity during the first quarter


May 6, 1986, SANTA ANA, CALIFORNIA

Real estate activity continued at a high level during the first quarter. Refinancing activity was responsible for much of the record increase of 36 percent in the volume of new orders, President D.P. Kennedy reported to shareholders at The First American Financial Corporation's 97th annual meeting on April 23. He stated that to date the closings have not increased at the same rate as the openings, resulting in a large inventory of orders, which should begin to close in the second quarter and result in a much higher level of revenue. The company's record performance in 1985 also was reviewed.

Re-elected to the board of directors were Kennedy; Stanley L. Bauer, Los Angeles Attorney; W.F. Croddy, president of Croddy Realty, Inc., Tustin, California; Lewis W. Douglas, Jr., San Francisco real estate developer; Paul B. Fay, Jr., president of The Fay Improvement Company, San Francisco; Frank Harrington, president of Harrington Development Company, Newport Beach, California; Harold C. Kean, chairman of Washington Federal Savings and Loan Association, Seattle; John C. Kerr, chairman and CEO of American Century Corporation, San Antonio; Robert B. McClain, president of McLain Development Company, Newport Beach, California; R.J. Munzer, retired chariman of Petrolane Incorporated, Long Beach; Esther Peterson, representative to ECOSOC/U.N., International Organization of Consumers Unions, Washington, D.C.; Gregor G. Peterson, chariman of Hogan Systems, Inc., Dallas; John H. Scully, managing partner of San Francisco Partners and Texas Partners, Mill Valley, California; and Gerald H. Stool, private investor and director of American Century Corporation, San Antonio.

The Santa Ana-based company operates its title insurance business through its principal subsidiary, First American Title Insurance Company, second largest title insurer in the nation. First American offers its services through a network of more than 2,200 offices or agents in all 50 states as well as in Guam, Puerto Rico and England.

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