First American Corp. Buys First American Title Insurance Co. of Marin
|June 25, 2004|
SANTA ANA, Calif. (AP) -- First American Corp.'s insurance unit bought a California-based title company that it helped to found in 1969.
The financial services firm's First American Title Insurance Co. unit completed the purchase April 30 for an undisclosed amount.
The insurance unit said Thursday that the newly-acquired business, First American Title Co. of Marin, holds a leading market share in Marin County, Calif., which has the state's second highest average home values.
First American Title of Marin owner Jack Duggan said he will retire after the sale. Duggan's business partner and former co-owner Myra Engelkes will remain with the company at its Greenbrae branch office.
Michael Forkin, First American Title's San Francisco county manager, will direct the Marin County operation.
First American Title of Marin employs 65 people in escrow branches in Novato, San Rafael, Greenbrae and Mill Valley, Calif.
Shares of First American Corp. traded down 2 cents to $25.30 on the New York Stock Exchange Thursday morning.
Source: First American