FIRST AMERICAN FINANCIAL COMPLETES MERGER WITH NATIONAL INFORMATION GROUP
May 14, 1999, SANTA ANA, Calif.
As a result of the merger, which will be effective May 14, 1999, National Information Group shareholders will receive .67 newly issued shares of First American Financial common stock for each National Information Group common share. Accordingly, First American Financial will issue approximately 3 million new shares of common stock. The transaction will be accounted for as a pooling of interests.
"The merger of National Information Group with First American represents a tremendous opportunity for us to further diversify our revenue base," said Parker S. Kennedy, president of First American Financial. "This acquisition has the added benefit of complementing our existing tax service and flood determination companies, while producing significant synergies and economies of scale that should result in reduced operating and overhead expenses. It is a pleasure to welcome National Information Group to our First American family of companies."
National Information Group 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 business information and related 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; 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.
Any statements in this document that look forward in time involve risks and uncertainties, including but not limited to the following risks: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; general volatility in the capital markets; the demand for and the acceptance of the company's products; changes in applicable government regulations; consolidation among the company's customers; and contingencies associated with the Year 2000 issue. The company's actual results, performance or achievement could differ materially from those expressed in or implied by any forward-looking statements, and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what impact they will have on the results of operations or financial condition of the company.