First American Joins Gulf Coast Rebuilding Challenge
—Corporate Deposits Will Help Community Banks in Hurricane-Hit Areas Continue to Fund Rebuilding Efforts—
November 21, 2006, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has made a $1 million investment as a charter depositor in The Gulf Coast Rebuilding Challenge, a collaborative effort that aims to raise $1 billion in corporate deposits to provide liquidity for community banks financing reconstruction efforts in hurricane-damaged areas along the Gulf Coast.
Organized by Promontory Interfinancial Network, the program, which will divide up corporate deposits into increments of less than $100,000 to ensure Federal Deposit Insurance Corporation (FDIC) protection, will help approximately 300 community banks continue lending to homeowners and business owners seeking to rebuild in the storm-affected areas. First American joined Promontory and other corporate depositors General Motors Corporation, Microsoft Corporation, Home Depot Inc., Bank of America Corporation and Fannie Mae in announcing the program in
“First American has long-been committed to helping build stronger communities through sustainable homeownership, and nowhere in America is that need more pressing than in the storm-ravaged areas of Louisiana, Mississippi and Texas,” said Lionel C. Savage, vice president of market development and industry relations for The First American Corporation. “For existing homeowners, so much of what was lost can never be fully restored, but the rebuilding loans made possible through this program provide the promise of a better tomorrow. And for those seeking to purchase their first home, the economic lift that entire neighborhoods will receive under this initiative will provide hope that the dream of homeownership will once again be within reach.”
Last year, Hurricanes Katrina, Rita and Wilma caused more than $100 billion of damage along the coast, displacing more than a million people. Experts predict that it could take 15-20 years to completely restore the region, a long-term effort that will require the continued, significant investment made possible by programs like The Gulf Coast Rebuilding Challenge.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is