First American Completes Acquisition Of Transcontinental Title Company
|April 10, 2006|
First American Title Insurance Company has compled 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.
Source: First American Title Insurance Company