FIRST AMERICAN OFFERS ADDITIONAL SPECIALIZED SERVICES TO THE VACATION OWNERS
Acquisition of Timeshare Specialists, Resort Escrow Corporation and Foreclosure Services of America Presents New Options for Resort Owners
January 31, 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 the assets and liabilities of Timeshare Specialists, Inc., Resort Escrow Corporation, Inc. and Foreclosure Services of America, Inc. from their owner, John Stuczynski. Terms of the acquisition, which closed on Jan. 9, 2002, were not disclosed.
First American will integrate the three companies into its existing National Vacation Ownership Division, enabling it to provide title, escrow, foreclosure and special services to vacation property owners, brokers, lenders, homeowners associations and property management companies.
“Through these acquisitions, we have augmented our service offering in the Western states, providing a full portfolio of solutions to the vacation ownership industry,” said Chris Hermann, vice president and Western region director for First American’s National Vacation Ownership Division. “We have responded to the needs of our clients by adding specialized foreclosure, acquisition and escrow services to our existing title products, and we are pleased that John will continue to work with us in a consulting role as we implement these new services.”
Hermann continued: “With this acquisition, we now have starter files for almost every existing project in California and many in Nevada, Utah, Arizona and Hawaii. John will continue to expand our services across the country and assist both Mitch Corriveau, our Eastern region director, and myself with business development of all our services.”
Stuczynski, a vacation real estate industry veteran with an established client base including Fairfield Resorts, Pahio Properties and Pacific Monarch Resorts, said aligning with First American was a logical business move.
“First American’s aggressive attitude in the timeshare market and its willingness to create title products and services to meet the requirements of an ever-changing industry convinced me that it is truly committed to meet the challenges of the 21st century,” said Stuczynski. “It is very exciting to be part of a team of professionals who are dedicated to providing the best in products and services to this very exciting industry.”
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.