First American Title announces purchase of Mortgage Guarantee and Title Company ...


July 17, 1989, SANTA ANA, CALIFORNIA

First American Title Insurance Company, the second largest title insurer in the nation, announced the purchase of Mortgage Guarantee & Title Company of Providence, Rhode Island.

Mortgage Guarantee, established in 1922, is one of the two leading title insurers in Rhode Island. Robert G. Bannon, regional vice president, states that the acquisition "will make a most significant impact on First American's market position in Rhode Island." First American bought 80 percent of the company in 1988, and completed the purchase recently.

Joseph H. Markel, president of Mortgage Guarantee & Title Company, has 31 years of title experience. He was a practicing title attorney before becoming president of Home Owners Title Guarantee Company in 1965. In 1968, Home Owners became the parent of Mortgage Guarantee and Markel was made president. He received his bachelor's from the University of Rhode Island and his L.L.B. from Boston University School of Law.

Markel is assisted by Vice President and Legal Counsel Anthony J. Montalbano. Montalbano has 35 years of title experience, and is the chairman of the Title Standards and Practices Committee of the Rhode Island Bar Association. He also teaches "Law for Real Estate Title Examiners" at the University of Rhode Island.

First American Title Insurance Company, celebrating its centennial during 1989, operates through a network of more than 4,500 branches, subsidiaries, affiliates or agents throughout the United States. First American also provides title services in Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom.

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