First American Financial announces its principal subsidiary, First American ...


January 30, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced that its principal subsidiary, First American Title Insurance Company, purchased an 80-percent interest in Hawaii’s Long and Melone, Ltd. The announcement came from President Parker S. Kennedy.

The company, which operates out of Honolulu, maintains a staff of 54 employees, with Elia A. Long serving as chairman and Elia W. Long as president and chief executive officer. The acquisition now operates as First American Long & Melone Title Company, Ltd.

Long and Melone was founded in 1954 by M.F. Temple Melone and Elia A. Long, in Honolulu. In 1976, Melone sold his shares to another title insurance firm. Eleven years later, Long and Melone, Ltd. repurchased these shares.

According to Chairman Elia A. Long, Long & Melone was looking to broaden its base and expertise, and First American’s nationwide presence, its financial strength and its good business reputation fit its criteria.

"We are proud and happy with the acquisition because First American is one of the largest and most respected title insurers in the industry," said Long. "It is progressive and diversified, with good people and management."

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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