The First American Financial Corporation announces that its two largest subsidiaries ...
June 14, 1994, SANTA ANA, CALIFORNIA
First American Title has purchased 100 percent of the stock of Fidelity Title. Former owners Lawrence P. Deal and Carl Bauchle will continue to run the day-to-day operations as vice presidents. R. Harris Turner, Fidelity's former president and the third partner in the company, is being retained as a consultant. Michael Conway, First American's state manager in Florida, has been appointed president of Fidelity.
Fidelity Title and Guaranty Company, founded in 1883, is a full-service title insurance operation specializing in commercial real estate. The oldest active business in the Orlando metropolitan area, the four-office operation will now operate as a subsidiary of First American Title Insurance Company.
Parker S. Kennedy, president of First American Title, said, "The purchase is part of First American's strategy to increase its market share of commercial and residential transactions and to pursue the acquisition of quality title operations."
First American Title has its headquarters in Santa Ana, California, and its Southeastern regional office in New Orleans, Louisiana. The company offers its 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.
Calcred Corporation is a leading provider of mortgage credit services to banks, mortgage bankers, mortgage brokers and other loan originators in San Diego and Southern Orange County. It will now operate as an extension of First American's credit reporting division, First American Credit Services. Calcred was owned by Richard and Sydney Kennedy and Mr. Kennedy will continue as a vice president of First American Credit Services for one year to assist in the transition.
"We are enthusiastic about this purchase and the additional depth that it brings to the credit service we provide to our clients," said John Long, president of First American Real Estate Information Services. "This is a fine operation and will be the catalyst for our expansion to the West Coast."
According to Kathy Barrette, division president of First American Credit Services, the benefits of the Calcred acquisition are two-fold. "This is our stepping stone into the West Coast market, giving First American's credit services a local presence in California. At the same time, we have gained a staff familiar with the needs of our new customers, enabling us to meet our standards for personal service in the new region."
First American Credit Services is a provider of comprehensive and customized residential mortgage credit reports to lending institutions in New York, New Jersey, Connecticut, Texas, and now, California. In addition to offering full reports, with information compiled and consolidated from the nation's major credit bureaus, First American Credit Services offers customers pre-qualifying reports delivered on-line to their offices within minutes.
The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate financial services, including title insurance, tax monitoring, home warranty, credit reporting and property information services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California.