First American Title purchases 100 percent of the stock of Security Title & Trust Agency of Alaska


First American Title Insurance Company recently purchased 100 percent of the stock of Security Title & Trust Agency of Alaska, Inc., according to Parker S. Kennedy, executive vice president. The company was purchased from Alaska Teamster-Employer Pension Trust in exchange for stock in the parent company, The First American Financial Corporation, and assumption of debt.

According to Robert G. Stumpff, president of Security Title, his company has had the top market share in the Anchorage recording district during recent months. Security services every recording district in Alaska through its main office in Anchorage, and had a gross income in 1988 of $2,067,000. "We are excited about adding the financial strength of First American to our operation," Stumpff said.

This new acquisition is First American's fourth major purchase in recent months. First American now owns 80 percent of Mortgage Guarantee & Title Company in Providence, Rhode Island, one of the two leading title insurers in the state. The Port Lawrence Title & Trust Company of Toledo, Ohio, is now a wholly-owned subsidiary, and Universal Title Insurance and Universal Escrow, headquartered in Minneapolis, Minnesota, was acquired through a combination of cash and notes. In addition, First American purchased a minority interest of 29 percent in Cahaba Title of Birmingham, Alabama.

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


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