FIRST AMERICAN TITLE INSURANCE COMPANY ACQUIRES OREGON-BASED COMMERCIAL TITLE CO.
October 2, 2001, SANTA ANA, Calif.
First American Title Insurance Company, one of the nation’s largest title insurers and a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has acquired Commercial Title Co. of Roseburg, Ore., from its owner, Tom Wimberly. Terms of the acquisition, which closed on Sept. 28, 2001, were not disclosed.
Established in 1909, Commercial Title Co. maintains the leading market share position in Douglas County, Ore. At its headquarters in Roseburg, the company operates a computerized title plant that contains electronic images of title records dating back to 1981 and traditional title records dating back to the late 1800s.
“We have built and maintained our market position by taking good care of our local customers and by being good corporate citizens in our community,” said Wimberly. “First American shares the values and principles that have made us successful. Our companies have worked together for 35 years as underwriter and agent, so this change will simply seem like the culmination of a very long engagement.”
Wimberly, who is the fourth generation of his family to be active in operating Commercial Title, is a well-known title agent in the Douglas County community. Under the new agreement, he will serve as a vice president of First American Title Insurance Company of Oregon and will continue to oversee operations in Roseburg.
“Eighty-five percent of the population of Oregon resides along the Interstate 5 corridor,” noted John Thoma, vice president and chief financial officer of First American Title Insurance Company of Oregon. “With this acquisition, we now have direct operations in all but one county along the corridor. This positioning will strengthen our ability to bring Southern Oregon the best possible service.”
First American Title Insurance Company, the largest subsidiary of The First American Corporation, traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through more than 900 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about The First American Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.