First American Title announces the purchase of the operating assets of Pacific Title Inc.
October 16, 1995, SANTA ANA, CALIFORNIA
"It is part of our ongoing strategy to add branch operations to our network," President Parker S. Kennedy said. "Although this is a relatively small acquisition, branches of this size can be very profitable."
According to Regional Vice President Robert M. Bowen, "the population in Douglas County increased almost 14 percent from 1993 to 1994. The county is within the Sun Belt, has wide-open spaces and spectacular Sierra scenery and also is located a reasonable commuting distance to and from the Reno-Sparks metropolitan area."
Pacific Title Inc. opened in 1989 and has been a First American agent since 1993. The Douglas County operation has two offices, one in Zephyr Cove and the other in Genoa. The company maintains a title plant in the Zephyr Cove office. The Genoa office will soon relocate to the Minden-Gardnerville area in order to provide more convenient access to its customers.
The agency was purchased from C.J. Neff, Robert N. Chester and Joseph Allovio. Terms were not disclosed. The company will now operate under the name of First American Title Company of Nevada. Edward "Ed" Hubbs, assistant vice president and county manager for First American Title Company of Nevada, will oversee the new branch operation.
First American Title Insurance Company, principal subsidiary of The First American Financial Corporation (NYSE: FAF), 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 Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. National headquarters are located in Santa Ana, California.