The First American Financial Corporation announces acquisition of two East ...


July 19, 1993, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NASDAQ: FAMR) announced today that it has completed the acquisition of two East Coast-based financial services companies for $2.1 million in the form of cash, stock and the assumption of certain obligations. Metropolitan Credit Reporting Services, Inc. and Metropolitan Property Reporting Services, Inc., both of New York, now will operate under the respective names, First American Credit Services, Inc. and First American Property Services Inc., and will be subsidiaries of First American Real Estate Tax Service, Inc. First American Real Estate Tax Service is one of the nation's foremost property tax reporting companies and is a wholly owned subsidiary of The First American Financial Corporation.

"We are enthusiastic about these purchases and the additional depth they add to the financial services our company is able to provide to its clients," said First American Financial President Parker S. Kennedy. "These acquisitions further strengthen our position as a truly diversified real estate services company."

According to John Long, executive vice president of First American Real Estate Tax Service, the acquisition of Metropolitan Credit and Property Reporting Services further expands the company's offerings to its current customer base. "First American Real Estate Tax Service is interested in providing our customers with a full range of services designed to meet their varied needs," Long said. "The acquisition of these two growing companies is a strategic move for First American Real Estate Tax Service. It enables us to offer additional value to our customers in concert with providing premier property tax reporting service. We plan to cross-market these services to lenders nationwide and will continue to look for additional opportunities where we can provide expertise," he added.

First American Credit Services currently provides comprehensive and customized residential mortgage credit reports to lending institutions in New York, New Jersey and Connecticut. In addition to offering full reports, with information compiled and consolidated from the nation's three major credit bureaus, First American Credit Services offers customers pre-qualifying reports delivered on-line to their offices in minutes. Kathleen Barrette will continue with the company and serve as president, working with First American Real Estate Tax Service to oversee national expansion of the credit service.

First American Property Services provides customized title searches to lenders specializing in the origination of home equity loans. In addition, the company offers commercial property inspections in the four-state area of New York, New Jersey, Connecticut and Pennsylvania. Randall F. Brahe, Jr. also will continue with the company and will serve as president of the property services group.

First American Credit Services and First American Property Services jointly employ approximately 65 individuals in their Long Island, New York office. First American Real Estate Tax Service, headquartered in Los Angeles and with major offices in 19 cities across the United States, provides a full complement of information services to leading banks, mortgage bankers and title companies nationwide.

The First American Financial Corporation, based in Santa Ana, Calif., is a leading provider of real estate financial services, including title insurance, tax monitoring and home warranty services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. The company offers its 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.

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