First American Title Completes Acquisition of Pacific Northwest Title
—Strengthens Market Share Position in Key Western States—
June 23, 2004, SANTA ANA, Calif.
First American Title Insurance Company today announced that it has completed its acquisition of Seattle-based Pacific Northwest Title Holding Company and its subsidiaries. The acquisition, which was originally announced in December 2003 and closed June 1, 2004, significantly increases First American’s regional presence. Pacific Northwest has more than 500 employees and approximately 25 offices.
Incorporated in 1983, Pacific Northwest has 10 title services subsidiaries, including Pacific Northwest Title Insurance Company. Licensed in Washington, Oregon, Idaho and Alaska, the company and its subsidiaries own portions of 14 title plants. Pacific Northwest also serves as an underwriter for an extensive number of unaffiliated agents.
A wholly owned subsidiary of First American, Pacific Northwest will continue to operate under its existing name as an independent company. Dennie L. Rowland, senior executive vice president of First American Title Insurance Company, will serve as chairman. Rowland is responsible for helping guide First American Title’s multiple brand strategy.
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 1,500 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.