FIRST AMERICAN TITLE INSURANCE COMPANY ACQUIRES REMAINING 46 PERCENT OF ITS MENDOCINO ...
April 14, 1999, SANTA ANA, Calif.
In 1967, First American Title Insurance Company bought the Colonial Title Company operation in Mendocino County and ran it as a direct branch until 1972, when First American Title Company of Mendocino County was formed. At that time, First American Title Insurance Company retained 54 percent of the company, with individual stockholders owning the remaining shares.
Pending approval by the California Department of Insurance, the acquisition will operate as First American Title Company, with Arnold B. Slotte continuing as vice president and county manager. Slotte, who has 35 years of title and real estate experience, has been managing the company since 1996. The Mendocino County subsidiary has 40 employees, with offices in Ukiah, Fort Bragg, Gualala, Mendocino and Willits.
"From an operational standpoint, the acquisition will go unnoticed, as there will be no change in management or personnel," said Slotte. "We will continue to operate as the major title company in the Mendocino area."
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; 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.