First American Financial’s principal subsidiary, First American Title Insurance ...


October 22, 1997, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced that its principal subsidiary, First American Title Insurance Company, purchased the operations of Settlers Abstract Company, L.P., from owners Benjamin D. Goldman and David J. Feldman. According to Parker S. Kennedy, president of First American, the acquisition was completed on August 1, 1997.

Settlers Abstract, which was started by Goldman in 1978, has been consolidated with First American’s existing office in downtown Philadelphia. Prior to this, Settlers and First American had an agency relationship.

Goldman, who had served as president of Settlers until Feldman took over in 1989, is currently president of Orleans Builders, the region’s second largest home builder. Feldman has been named vice president and branch manager of the Philadelphia office, with responsibility for direct and national account operations, as well as business development and management in Philadelphia and New Jersey.

"The acquisition not only enhances First American’s commercial presence in the tri-state area, but also facilitates our ability to market nationally," Feldman said. " Our client base has expanded geographically, so this is the logical next step. We are excited to be a part of the First American national network."

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, a national and 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; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment firm. 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 branch offices in the United States and abroad. Information about the company’s subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.

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