First American Financial approves dividend reinvestment plan; declares 3-for-1 ...


At its meeting yesterday, the board of directors of The First American Financial Corporation (NYSE: FAF) declared a three-for-one stock split, as well as a regular quarterly cash dividend of 15 cents per Common share on a pre-split basis. The implementation of a dividend reinvestment plan was also approved. The details of the dividend reinvestment plan are pending.

The stock split will be effected in the form of a 200 percent stock dividend, which will be distributed on July 17, 1998, to First American shareholders of record on July 7, 1998. After the split, the number of shares outstanding will be approximately 60,000,000.

In order to effectuate the stock split, the board of directors also approved an amendment to the company’s Certificate of Incorporation, which will increase the number of its authorized shares of capital stock from 36,000,000 to 108,000,000. The par value of such shares will remain at $1.

The cash dividend is payable July 17, 1998, to shareholders of record on July 6, 1998. The company has paid a cash dividend every year since 1909.

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 15,000 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 on the Internet.


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