First American Title Insurance Company of New York Acquires Remaining Interest in Public Abstract
April 5, 2004, NEW YORK
First American Title Insurance Company of New York, a subsidiary of First American Title Insurance Company, today announced that it has acquired the remaining ownership interest in Public Abstract Corporation headquartered in Rochester, N.Y. Terms of the transaction, which closed on April 1, 2004, were not disclosed.
Formed in 1969, Public Abstract provides comprehensive commercial real estate title services on local, state and national levels, as well as settlement services through 10 offices in upstate New York. A First American affiliate and agent for more than 20 years, Public Abstract has a staff of 250 headed by owner and chief executive officer Donald Garvey and his son, Mark, president. Donald and Mark Garvey will remain with the company in their current positions.
“The acquisition of Public Abstract is an important part of our strategy for New York,” said James M. Orphanides, regional vice president for First American Title Insurance Company. “With this transaction, we can expand our direct operations and take advantage of economies of scale.”
Founded in 1973, First American Title Insurance Company of New York operates through four offices and more than 180 agents throughout the state of New York. The company is the preferred source for title insurance as well as a wide range of complementary products and services. First American Title Insurance Company of New York is a wholly owned subsidiary of First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), which traces its history to 1889. First American Title is one of the largest title insurers in the nation, offering 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.