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


June 16, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that its principal subsidiary, First American Title Insurance Company, has acquired Florida Title & Abstract Company, according to President Parker S. Kennedy.

With four offices in Marion County, the company will operate as First American Title Insurance Company-Florida Title offices, and will retain its staff of 47 employees. Kenneth MacKay III, who has more than 10 years of experience in the real estate industry, will serve as vice president-area manager. MacKay had served as president of Florida Title & Abstract since 1989.

Florida Title & Abstract Company began almost 120 years ago when Graham Brothers Abstract Company was founded in 1880. In 1924, B.F. McGraw, along with three partners, purchased the company and renamed it Florida Title & Abstract Corporation. In 1933, McGraw purchased Marion County Abstract from the estate of W.W. Clyatt. The merged companies became Florida Title & Abstract Company. John Lane, who joined the company in 1952, was named president upon McGraw’s death in 1957, and later purchased the company. In 1989, the company was purchased by a group of local businessmen, including MacKay, a former employee and a native of Ocala.

According to MacKay, the merger positions the company to grow in the 21st century by combining Florida Title’s local knowledge and committed employees with First American’s wealth of experience and additional products.

"I am extremely excited about the combination of these two companies," said MacKay. "Florida Title and its employees have a history of embracing change to provide top-notch service. We all look forward to being a part of First American’s network of 45 offices in the state of Florida."

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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