First American Title Insurance Company Acquires Guaranty Title Corporation of Portland, Maine
|May 8, 2002|
Increases State Market Share to 45 Percent
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- First American Title Insurance Company, a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has acquired Guaranty Title Corporation of Portland, Maine. Terms of the transaction, which closed during the first quarter of 2002, were not disclosed.
As Maine's largest independent title company, Guaranty Title Corporation has successfully operated throughout the state since its founding in 1995. The acquisition of Guaranty Title increases First American's market share in Maine to approximately 45 percent.
"We're very pleased with the addition of Guaranty Title to our direct operations in Maine, as the new company will dovetail well with our existing direct operations and significant agency base," said Joseph J. Attura, First American's Maine state manager. "The direct operations/agency format we have structured enables First American to provide the most comprehensive title network in the state. We look forward to working with the wonderful people at Guaranty Title, and welcome them aboard."
Charles McLaughlin, Guaranty Title's founder, will continue to oversee operations as Guaranty Title's president. A respected member of Maine's real estate community and an experienced title professional, McLaughlin brings a wealth of contacts and new business opportunity to First American.
"This acquisition is part of our overall strategy to meet the demands of lenders seeking a single-source title information provider for the entire state," said Gary L. Kermott, president of First American Title Insurance Company. "It complements our other recent acquisitions in Maine and bolsters our overall presence in the region."
First American acquired Maine-based Atlantic Title and Androscoggin Title in 1999 and 2001, respectively.
Source: First American Title Insurance Company