First American Title board of directors approve three strategic acquistions
June 16, 1993, SANTA ANA, CALIFORNIA
"We have continually over the years, as part of our strategy, added branch operations to our network," President Parker S. Kennedy said. "The San Antonio purchase is an excellent addition to our branch network; we are now in all the largest cities in Texas. Although the other two acquisitions are relatively small, branches of this size can be very profitable."
First American purchased the assets of First American Title Company of San Antonio, an agent of the company with a 25-year exclusive relationship. The branch will be managed by Rick Radigan, a 15-year employee of First American transferring from Fort Worth. Justin D. Rowland, who had been president, will remain with the company as a vice president of the Texas subsidiary, concentrating on the commercial market as well as assisting with management responsibilities. Carl H. Pfeiffer, who had served as chairman of the board, is retiring.
Peterson Abstract in Center City, Minn., is situated in the Twin Cities metropolitan area. The founder of the company recently passed away. According to Kennedy, First American now has nine branch offices in critical counties in Minnesota. The branch will be managed by Kathleen Brown.
Washakie Abstract Company in Worland, Wyo., has been an agent of First American since 1956. It is the only title company in the county, which is located in a rural area in the Big Horn Basin. Owner Robert Richins is retiring. First American has a presence in every county in Wyoming, including, with this purchase, branch offices in 18 counties. The new manager will be Stacy Garry.
First American Title Insurance Company, principal subsidiary of The First American Financial Corporation, celebrated its 100th anniversary in 1989. 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 in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. National headquarters are located in Santa Ana, California.