FIRST AMERICAN FINANCIAL AND NATIONAL INFORMATION GROUP ANNOUNCE APPROVAL BY CALIFORNIA ...
April 8, 1999, SANTA ANA, Calif.
The approval was required because the merger will result in a change of control of National's insurance subsidiary, Great Pacific Insurance Company. Following the merger, First American Financial will control Great Pacific. First American Financial and National previously announced the proposed merger on November 18, 1998.
The merger remains subject to the approval of the shareholders of National and customary closing conditions. A special meeting of shareholders of National will be held on May 12, 1999, in South San Francisco to vote on the proposed merger. National announced that proxy materials for the special meeting will be mailed to its shareholders later this week. National's shareholders of record on April 1, 1999, will receive the proxy materials and be entitled to vote at the special meeting.
National provides information services through technology, outsourcing services, flood zone determination services, real estate tax tracking, hazard and motor vehicle insurance tracking, lender placed insurance and flood insurance.
The First American Financial Corporation, based in Santa Ana, Calif., is the nation's leading provider of real estate-related information products and 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, mortgage 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; and First American Trust Company and First Security Thrift Company in Southern California. The company also offers automotive and direct-to-consumer credit reporting, multifamily resident screening and pre-employment screening through its Consumer Risk Management division. First American Financial has nearly 20,000 employees in more than 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.