First American purchases Superior Abstract & Title Company in Michigan


August 6, 1996, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that its principal subsidiary, First American Title Insurance Company, has purchased the assets of Superior Abstract & Title Co., Inc., a former agent in Michigan. The purchase was made for an undisclosed amount through a combination of cash and notes.

Superior, which traces its roots back to 1875, has three offices in Michigan, located in the cities of Bay City, Midland and Saginaw. These offices, which will now be First American branch offices, serve the counties of Bay, Midland and Saginaw.

"This purchase gives First American a significant presence in the third largest market in Michigan," said President Parker S. Kennedy. "This is an important addition to our already extensive Michigan branch network."

Superior was purchased from partners Lowell Elowsky, Paul Ransford and David Kraushaar. Kraushaar had previously retired, and Elowsky and Ransford will remain with the company for six months to facilitate the transition, at which time Elowsky will retire. All of the offices will be managed by long-time Superior employees. Lora Cooper will continue to manage the Saginaw office and Ann Wegener will remain the manager of the Midland office. The Bay City office will be managed by Barbara Dinauer.

"Each of these managers is deserving of the opportunity to join the First American management team," said John Bethell, regional vice president.

The First American Financial Corporation, based in Santa Ana, California, is the nation's leading provider of real estate-related financial and informational services. The corporation's 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 over 10,000 employees in over 400 branch offices in the United States and abroad.

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