The First American Financial Corporation announces definitive agreement to ...


September 20, 1991, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NASDAQ: FAMRA and FAMRB) announced today that it has entered into a definitive stock purchase agreement with Westwood Equities Corporation for the purchase of 100 percent of the outstanding common stock of its subsidiary, TRTS Data Services, Inc., a California corporation engaged primarily in the realty tax services business.

The acquisition will be made for cash, upon the terms and conditions contained in the stock purchase agreement. Westwood Equities Corporation is currently in Chapter 11 reorganization proceedings and the acquisition is subject to the prior approval of the bankruptcy court, as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

First American currently owns a nationwide tax service, the third largest in the country, and TRTS is the second largest company in the industry. The acquisition is scheduled to close in mid-November of this year. The total aggregate purchase price is approximately $28,000,000.

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.

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