First American Title Insurance Company Acquires
San Benito Land Title Corporation
—Strengthens Market Position in Growing Northern California Community —
November 15, 2002, 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 San Benito Land Title Corporation of Hollister, Calif., for an undisclosed amount.
Founded by Wayne A. Hone in 1989, San Benito Land Title serves the title and escrow needs of San Benito County and holds the leading market share in the region. With a coverage area including new residential developments that offer Silicon Valley commuters reasonably priced homes within 30 miles of San Jose, Calif., the population of this traditionally agricultural area is expected to continue to increase through 2005.
“First American has held an interest in San Benito Land Title for many years, so we know it’s a good company,” said Mark Sachau, First American Title regional vice president. “Given the projected residential growth for Hollister and the surrounding area, we are pleased to have this opportunity to establish a direct operation there.”
Hone will continue to serve as company president of San Benito Land Title and manage the day-to-day affairs of the company.
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 1,100 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.