First American Title announces purchase of Corpus Christi Title Company in Nueces County, Texas


October 19, 1993, SANTA ANA, CALIFORNIA

First American Title Insurance Company announced today the purchase of Corpus Christi Title Company in Nueces County, Texas. The acquisition was made through an exchange of all outstanding shares of Corpus Christi Title's stock for 22,909 shares of The First American Financial Corporation stock. First American Financial is the parent company of First American Title.

"Our ongoing strategy is to have a strong direct operational presence in Texas," President Parker S. Kennedy said. "Together with our recent purchase of an agent in San Antonio, this acquisition puts us closer to that goal. Because Texas law requires that a title company have a title plant before it can be issued an operating license, it is most expedient for us to purchase existing companies in the state. We are happy with the quality of Corpus Christi Title's plant."

Corpus Christi Title, which was established in 1959, is one of only five title companies in the city. The company has acted as an agent for First American Title.

First American Title Insurance Company, principal subsidiary of The First American Financial Corporation, traces its history to 1889. One of the largest title insurers in the nation, it offers title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The company has its headquarters in Santa Ana, California.

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