The First American Financial Corporation acquires assets of First Title Company of Waco


December 9, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF), the leading provider of real estate-related financial and information services, announced today that it has acquired the assets of First Title Company of Waco. The terms of the acquisition, which was completed on December 1, were not disclosed.

The company, which has two offices in Waco, will continue to operate as First Title Company of Waco. David Kramer has been named division president of the 33-employee company, with Terry Stevens serving as senior vice president.

First Title Company of Waco was founded in 1984 in Waco, Texas, by John Sheehy of Sheehy, Lovelace & Mayfield, one of the oldest and largest law firms in Waco; Jim Stewart Realtors, Inc.; First Federal Savings & Loan; and developer John Bowden. Prior to its acquisition by First American, 60 percent of First Title Company of Waco's stock was owned by Sheehy, Lovelace & Mayfield; 20 percent owned by Sheehy; and the balance owned by Stevens, who joined the company in 1989 as general manager.

Through its seasoned staff of employees and its connections with Sheehy, Lovelace & Mayfield, First Title Company of Waco has established itself as the premier title company in McLennan County. The company enjoyed a 46 percent market share in 1997.

"The addition of First Title Company of Waco to the First American family of companies will enable us to establish and build market share, as well as enter new markets and strengthen our direct operational presence in this rapidly growing area," said Tom Blackwell, regional vice president for First American.

Terry Stevens, senior vice president of First Title Company of Waco, said: "First American offers the strength needed to ensure we meet the rapid changes occurring in the title industry. In addition, the company offers our employees a business environment very comparable to that which we have provided, as well as opportunities for professional growth and advancement. I am very pleased that we were able to reach an agreement with a company that we feel looks after the best interests of its employees."

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, loss mitigation 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 17,000 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 on the Internet at http://www.firstam.com.

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