First American Title Acquires Yakima Title & Escrow
November 27, 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 the acquisition of Yakima Title & Escrow Company of Yakima, Wash., for an unspecified amount. The acquisition, completed Nov. 1, 2002, expands First American’s direct operations presence in Washington and brings an experienced team of local title and escrow officers to First American.
Established in 1899, Yakima Title has served the Yakima Valley region since the earliest days of Yakima County. One of five competing title companies in the area, Yakima Title consistently ranks as the market-share leader, controlling 32 percent of the market and generating more than $2 million in net revenues in 2001. First American has been Yakima Title’s exclusive underwriter since 1991.
“First American has enjoyed a strong agent-underwriter relationship with Yakima Title for many years,” said John R. Thoma, chief financial officer of First American Title Insurance Company. “This acquisition fits our strategic plan for Washington state and brings a great operations manager in Brenda Rawlins to our ranks as well. This is a solid move for both First American and Yakima Title.”
First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through nearly 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.