SANTA ANA, Calif., April 7 /PRNewswire-FirstCall/ -- First American Title Insurance Company today announced the completion of its acquisition of privately held TransContinental Title Company, a leading provider of title and settlement services to national mortgage lenders. The acquisition, originally announced in December 2005, closed on April 1, 2006. Terms of the transaction were not disclosed.
"Through this acquisition we will now offer mortgage originators two, highly efficient channels for complete title and settlement services: First American's National Lenders Advantage and TransContinental," said Gary L. Kermott, president of First American Title Insurance Company. "Increasing First American's overall presence in the large lender market will help drive revenue growth. We welcome TransContinental's strong management team and excellent employees to the First American family, and look forward to pairing its established brand with our proprietary technology and processes for maximum results."
Established in 1987, TransContinental Title is a licensed title insurance agent in 38 states and has the ability to handle transactions nationwide through its affiliation with First American. Led by its chief executive officer William Baumgart, TransContinental has become a prominent multistate title agency serving many of the nation's largest mortgage lenders, with current volumes averaging in excess of 8,000 mortgage transactions per month. TransContinental will continue to operate under its current name and management structure, with Baumgart as its chief executive officer. Baumgart will also hold the position of senior vice president of First American Title Insurance Company's National Lenders Advantage Division.
About TransContinental Title
TransContinental Title Company is a comprehensive, nationwide outsourced provider of title and loan closing services to national and regional lending institutions. Through its two national servicing centers and 12 branch offices, TransContinental supports lenders by providing time-sensitive mortgage services anywhere in the nation. TransContinental is headquartered in Clearwater, Fla. For more information, please visit http://www.tctitle.com/.
About First American
First American Title Insurance Company, the largest subsidiary of The First American Corporation , traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through more than 1,800 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 http://www.firstam.com/.
Forward Looking Statements
Certain statements made in this press release, including those relating to increasing the company's presence in the large lender market, are forward-looking. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; access to public records and other data; general volatility in the capital markets; changes in applicable government regulations; heightened scrutiny by legislators and regulators of The First American Corporation's title insurance and services segment and certain other of First American's businesses; consolidation among First American's significant customers and competitors; First American's continued ability to identify businesses to be acquired; changes in First American's ability to integrate businesses which it acquires; and other factors described in Part I, Item 1A of First American's Annual Report on Form 10-K for the year ended Dec. 31, 2005 as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contacts:
David Schulz
The First American Corporation
(714) 800-3298
