The First American Financial Corporation purchases the realty tax services ...


September 4, 1990, BREA, CALIFORNIA

The First American Financial Corporation announced today it had purchased the realty tax services division of Metropolitan Realty Services Group, a New York-based company, according to Executive Vice President Parker S. Kennedy. The acquisition, for cash and assumption of debt, was made through First American Real Estate Tax Service, Inc.

Present Metropolitan staff, including President John W. Long, will be retained and Long will serve as First American Real Estate Tax Service's eastern regional vice president and director of marketing. Other terms of the agreement were not disclosed.

The acquisition will increase First American's level of service in the Northeast. Metropolitan's computer system was developed specifically to handle the complexity of tax service in the Northeast, and will be integrated with First American's extensive mainframe capabilities.

The company is now nationwide, providing lending institutions with information regarding property tax payments on mortgage properties in all 50 states and Washington, D.C. If property taxes are delinquent, mortgage investments can be lost through forced sale of the properties.

"The acquisition will give First American additional customer support in the East, while backing it with the capital resources, increased technology and computer systems capacity to assure the highest level of tax service," said Wayne M. Booth, president of First American Real Estate Tax Service. "For customers in that area, this means a full range of tax reporting, payment and on-line services are available, as well as all the significant benefits of our customer support program."

First American Real Estate Tax Service, Inc., is based in Brea, Calif., with branch operations in key locations nationwide. The company is a wholly owned subsidiary of First American Title Insurance Company, one of the oldest and largest title insurers in the nation. The First American Financial Corporation is the parent company of both.

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