First American Title Insurance Company Acquires Midstate Title Company
June 30, 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 Midstate Title Company of Okemos, Mich., for an unspecified amount. The acquisition, completed May 31, 2003, adds Midstate Title’s operations and personnel to The Talon Group, First American’s new title division formed in February 2003.
“The Talon Group was created to increase market share and expand our overall profitability in key markets,” said Gary L. Kermott, president of First American Title Insurance Company. “Acquiring Midstate Title gives Talon significant traction in Michigan and is in line with our overall plan to increase our operational presence in the Midwest.”
Formed in 1989, Midstate Title serves a seven county region through nine offices staffed by 60 employees. The company owns three title plants and is widely regarded by the local real estate community as one of the area's premier title companies. All of its officers have accepted employment with The Talon Group and will continue to oversee operations.
William Robinson, president of Midstate Title, commented: “While we are justifiably proud of our excellent staff, First American's history of technological achievement and Talon's evolving marketing innovation will give us the tools we need to dominate an increasingly competitive marketplace.”
“High-caliber people are the cornerstone of Talon’s growth strategy,” said William T. Halvorsen, president of The Talon Group. “This acquisition brings some of the best in the business to our team along with several operations centers and quality title plants. We couldn’t ask for a better entry into Central Michigan.”
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.