The First American Financial Corporation announces completion of the purchase ...
November 11, 1991, SANTA ANA, CALIFORNIA
The acquisition was made for cash. The total aggregate purchase price was approximately $28,000,000.
Because Westwood is currently in Chapter 11 reorganization proceedings, the acquisition has been approved by the bankruptcy court. It was also cleared under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The combination of TRTS's operations with those of First American's current realty tax services subsidiary, First American Real Estate Tax Service, Inc., will result in the second largest realty tax service company in the country.
Real estate tax service companies exist because delinquent property taxes can eventually result in the forced sale of a mortgaged property and a loss of a lender's security. The companies track property tax payments on mortgaged properties and provide this specialized information to financial institutions which make mortgage loans.
The First American Financial Corporation, based in Santa Ana, Calif., operates its title insurance business through its principal subsidiary, First American Title Insurance Company, one of the largest title insurers in the nation. The company offers title services through a network of more than 5,500 offices or agents in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom. The company celebrated its 100th anniversary in 1989.