First American announced today it has reached an agreement to purchase Alachua ...


The First American Financial Corporation (NYSE: FAF) announced today that its principal subsidiary, First American Title Insurance Company, has reached an agreement to purchase Alachua County Abstract Company in Gainesville, Florida. The acquisition is scheduled to close on August 31, 1996.

Alachua County Abstract, which has been a First American agent for 18 years, has two offices in Gainesville. Both will become First American Title branch offices. The current staff will become First American employees, along with three of the company's principals: Wayne Martin, current president; Marvin Brooker, current corporate secretary and Don Brooker, current branch manager. Bart Riley, who is managing First American's office in Martin County, will be named area manager. This will mark a return to Gainesville for Riley, who graduated from the University of Florida.

"Gainesville was named the number one most livable city in America in 1995," Mike Conway, state manager, said. "We look forward to doing business in the area through a direct operation. We are extremely pleased to add Alachua County Abstract Company and its fine people to our family of operations. With this purchase, we will have 40 direct operations and 500 agents providing service throughout the state."

Alachua County Abstract Company was started in 1885 and has been in the Colson family for four generations. Three of its current or former employees have served as president of the Florida Land Title Association. Alachua County Abstract has the only complete title plant for two counties and has been totally automated since 1981.

The purchase has been approved by the board of directors of both companies and by the shareholders of Alachua.

The First American Financial Corporation, based in Santa Ana, California, is the nation's leading provider of real estate-related financial and informational services. Subsidiaries include First American Title Insurance Company, an international title insurer, First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, flood certification, mortgage loan servicing systems and property information services nationally, and First American Home Buyers Protection Corporation, a home warranty company. The corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has more than 10,000 employees in over 400 offices in the United States and abroad.


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