First American Title Acquires Land Title Company, Chelan-Douglas County, Inc.
May 27, 2003, 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 Land Title Company, Chelan-Douglas County, Inc. (Land Title) of Wenatchee, Wash., for an unspecified amount.
The acquisition, completed in April 2003, expands First American's direct operations in Central Washington and brings an experienced team of local title and escrow professionals to First American.
With 40 percent of the local market, Land Title is the largest title company serving Washington's Chelan and Douglas counties. Established in 1972, Land Title has grown from three employees to more than 30, growth largely attributable to its excellent customer service and quality title plant.
"Land Title is a well-run company, and under the leadership of Dan Albrecht is an important part of First American's strategic plan for Washington State," said Thomas S. Hartman, regional vice president for First American Title. "We look forward to helping further develop and grow this already profitable business."
Albrecht, who has worked for Land Title for 17 years and currently serves as its president, will continue to manage the company from its Wenatchee headquarters.
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 1,200 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.