George L. Argyros elected to board of directors of The First American Financial ...
April 28, 1988, SANTA ANA, CALIFORNIA
Re-elected to the board were D.P. Kennedy, president; Stanley L. Bauer, Los Angeles attorney; W.F. Croddy, president, Croddy Realty, Inc., Tustin, California; Lewis W. Douglas, Jr., real estate developer, San Francisco, California; Paul B. Fay, Jr., president, The Fay Improvement Company, San Francisco, California; Frank C. Harrington, president, Harrington Development Company, Newport Beach, California; Harold C. Kean, private investor, formerly chairman of the board, Washington Federal Savings & Loan Association, Seattle; Parker S. Kennedy, executive vice president, First American Title Insurance Company, Santa Ana; Robert B. McLain, president, McLain Development Co., Newport Beach, California; R.J. Munzer, private investor, formerly chairman of the board, Petrolane Incorporated, Long Beach, California; Esther Peterson, representative to ECOSOC/U.N., formerly assistant to the President of the United States for Consumer Affairs (1964-1967 and 1976-1980), Washington, D.C.; Gregor G. Peterson, private investor, Incline Village, Nevada, formerly chairman of the board, Hogan Systems, Inc.; John H. Scully, managing partner, San Francisco Partners and Texas Partners, Mill Valley, California.
Argyros, 51, a recognized business leader in Orange County, is actively involved in numerous civic and community organizations. He has served as chairman of the board of trustees of Chapman College for 12 years. Since purchasing the Seattle Mariners of the American League in 1981, Argyros has become one of the most active owners in major league baseball.
Robert J. Swadey, president of Midland Title Security, Inc., based in Cleveland, Ohio, was appointed to the board of directors of First American Financial's principal subsidiary, First American Title Insurance Company. Swadey, a 30-year-veteran of the title business, is founder of Midland Title, which First American acquired in 1986. In addition to his top position with Midland, Swadey serves as regional vice president of First American with responsibility for the company's growth in Ohio.
President Kennedy in his report stated that although final first quarter results were not yet available, the company anticipates a modest loss for the first quarter 1988 due to reduced income resulting from soft new order trends experienced in the fourth quarter 1987, as well as unfavorable claim and loss experience during the first quarter 1988. However, in view of the sharply increased new order trend beginning in February 1988, the company expects to return to a profitable position in the second quarter.
The First American Financial Corporation, based in Santa Ana, California, operates its title insurance business through its principal subsidiary, First American Title Insurance Company, second largest title insurer in the nation. The firm offers title services through a network of more than 4,500 offices or agents in all 50 states. It also provides title services abroad in Guam, Mexico, Puerto Rico, the Virgin Islands and England.