The First American Financial Corporation board of directors authorizes two-for-one stock split
April 23, 1987, SANTA ANA, CALIFORNIA
The stock dividend will be payable on June 5, 1987, to First American shareholders of record on May 22, 1987.
In order to implement the stock split, the board of directors also approved an amendment to the company's certificate of incorporation, which will increase the number of its authorized shares of capital stock from 6,000,000 to 12,000,000. The par value of such shares will remain at $1.00.
President Kennedy said that "while we are optimistic about the future, earnings for the second half of this year probably will not reach last year's record level. We are pleased, however, to express our confidence in the future of the company by issuing this additional stock."
The company's principal subsidiary, First American Title Insurance Company, operates through more than 2,500 branches, subsidiaries, affiliates or agents throughout the United States. It also provides title service abroad in Guam, Puerto Rico, Mexico, the Virgin Islands and England.