FIRST AMERICAN TITLE ACQUIRES PIONEER AGENCY IN QUAKERTOWN, PENNSYLVANIA
November 23, 1999, SANTA ANA, Calif.
"Pioneer Agency, which is the largest agency in the state of Pennsylvania, has an excellent track record," said Gary L. Kermott, president of First American Title Insurance Company. "The company has been able to increase its revenues at an average rate of 15 percent per year through good market years and bad. Pioneer Agency is an excellent fit with our strategy of expanding our network of agency operations and this acquisition brings us closer to solidifying our goal of being a dominant market presence in Pennsylvania."
Pioneer Agency, which is headquartered in Quakertown, Pa., has more than 100 employees in eight office locations and serves Eastern and South Central Pennsylvania and South Jersey. The company's locations include: Boyertown, Elizabethtown, Exeter, Lancaster, Plymouth Meeting, Pocono Lake and Wyomissing. Pioneer Agency will continue to operate under its current name with no significant operational changes.
Pioneer Agency was founded in 1982 by Inkpen, who started the company with three employees. Inkpen, who has 28 years of title industry experience, will remain with the company as president, with Snyder and Weeber serving as vice presidents. Snyder, who has 19 years of title industry experience, joined Pioneer Agency in 1982 and currently manages the company's Reading, Wyomissing and Exeter operations. Weeber, who has been with Pioneer Agency since 1987, has 18 years of title industry experience and currently manages the Lancaster and Elizabethtown offices.
"I believe that this acquisition is mutually beneficial for both our companies," said Inkpen. "Not only will we have access to more tools and better technology with which to service our existing customers, but the alignment with a substantially larger entity such as First American, with its nationally recognized reputation in the industry, will allow us to grow and compete into the next century."
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 three primary business segments include: title insurance; real estate information and services, which includes mortgage origination, mortgage servicing and database products and services; and consumer information and services, which provides home warranties; property and casualty insurance; automotive, subprime and direct-to-consumer credit reporting; property and automotive insurance tracking services; resident screening; pre-employment screening; lender-placed flood and hazard insurance; investment advisory; and trust and banking services. Through its family of companies, First American Financial has nearly 20,000 employees in more than 600 branch offices in the United States and abroad. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.