First American Financial announces its Alaska subsidiary merges with TransAlaska Summit Title


June 1, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) has announced that its wholly owned subsidiary, First American Title Company of Alaska, has merged its operations with TransAlaska Summit Title, the largest title company in Anchorage. The merged company will operate under the name First American Title of Alaska. The announcement came from Parker S. Kennedy, president of the parent company.

First American’s Anchorage office has been serving the Anchorage area since the early 1960s. TransAlaska was started in 1982 by Harry Johnson and is the largest title agency in Alaska with nine branch offices throughout the state. TransAlaska Summit Title was formed in 1997 when TransAlaska Title and Summit Title merged. First American has an agency relationship with TransAlaska Title’s other offices.

According to Harry Johnson, president of First American Title of Alaska, the merger between First American Title Company of Alaska and TransAlaska Summit Title made sense financially as well as operationally. "We will no longer compete with our underwriter in the Anchorage market, but will be partners," said Johnson. "The merger also brings TransAlaska Summit Title into a position of national referral and inclusion in the national scope of the title industry. The partnership with First American enables the company to continue to grow and be on the leading edge of the title industry nationally as well as benefit from the strength and services of First American Title Insurance Company.

The First American Financial Corporation, based in Santa Ana, California, is the nation’s leading provider of real estate-related financial and information 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, property data services, flood certification, field inspection services, appraisal services, mortgage loan origination and servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment advisory firm. The Corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has more than 13,000 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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