First American Title Insurance Company Increases Ownership Interest In Island Title Corporation
|February 26, 2004|
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- First American Title Insurance
Company, one of the nation's largest title insurers and a member of The First
American Corporation (NYSE: FAF) family of companieshas acquired a 60-percent
ownership position in Island Title Corporation of Honolulu, Hawaii. Completed
Jan. 22, 2004, the transaction adds six offices and approximately 100 employees
to First American's network of in-state, direct operations.
Established in 1982, Island Title is a widely recognized and well-respected title and escrow provider. Headed by its founder, president and chief executive officer Lynne Kaneshiro, Island Title represents residential and commercial clients in a broad range of property transactions, including exchanges, refinances, fee conversions, condominium projects, and subdivision and timeshare development.
"We've enjoyed a long and positive relationship with First American over the years, and we look forward to extending our business reach through its extensive resources," said Kaneshiro, who began her career as a First American employee and worked for the company for 13 years before launching Island Title.
"Lynne Kaneshiro has built a very successful operation with a reputation for solid service, and I look forward to this expansion of the relationship between our two companies," said Dennie L. Rowland, executive vice president for First American Title. "Island Title more than doubled its pretax profit in 2003, and we anticipate that it will continue to thrive as a First American subsidiary."
In 2000, First American purchased a 20 percent interest in Island Title and assisted in upgrading the company's computer systems. Now majority-owned by First American, Island Title will continue to operate under its existing name and management structure.
Source: The First American Corporation