First American purchases First American Title Company of Modesto


March 14, 1997, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that its principal subsidiary, First American Title Insurance Company, has purchased its Stanislaus County affiliate, First American Title Company of Modesto. First American had previously held a 26 percent interest in the company.

First American Title Company of Modesto was founded in 1977. Paul Ventimiglia has served as president of the affiliate since that time. The company will now operate as a branch of First American Title Insurance Company, and Ventimiglia will continue to serve as Stanislaus County manager.

"We are extremely pleased to welcome this fine company into our family of California title branches," said Parker S. Kennedy, president of First American Financial Corporation. "This acquisition will add to our national network of branches and help us to better serve our clients operating throughout the country."

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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