First American Acquires Certified Closing Network
|August 22, 2005|
Acquisition Expands Menu of Residential Relocation Products and Services
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF) has acquired Certified Closing Network (CCN), a provider of customized and outsourced title clearance, equity calculation and settlement services for clients with residential relocation-related transactions. CCN will become a part of First American Residential Group, Inc., a specialty business line established by First American in 2002 to address the service, technology and outsourcing needs of companies serving the residential real estate and relocation markets. Terms of the transaction, which closed on Aug. 19, 2005, were not disclosed.
"The high quality of the CCN team and their proven focus on customer service perfectly complements our current offerings within the relocation services arena," said Stephen C. Roney, president and chief executive officer of First American Residential Group. "This acquisition creates exciting opportunities for First American to develop new products and services specifically designed to meet the current and future needs of relocation clients."
CCN utilizes a national network of attorneys and title and escrow agents who have developed expertise specifically targeted to serving the relocation market. CCN's service teams will continue to operate out of the company's Bethesda, Md., and Washington, D.C., locations under the direction of managing partners G. Michael DuFour, Jennifer Swanhart Murphy and John L. Heithaus.
"We are very excited to join the First American team," said DuFour. "We believe this partnership will be extremely beneficial to our clients, employees and network members. By combining CCN's proven management processes with First American's financial stability and deep resources, we will be even better positioned to deliver the service, turnaround times and pricing our clients demand."
CCN and First American Residential Group initially formed a formal marketing alliance in February 2004, with First American serving as CCN's preferred title insurance underwriter. "This is the natural next step in that alliance," added Roney.
The addition of CCN will give First American an expanded array of products and services to include in its customizable solutions for relocation customers. First American Relocation Advantage, a division of First American Residential Group, will continue to service its clients under the direction of Scott W. Felton, president, from its current Plano, Texas and Edina, Minn., locations. Roney noted, "Since service delivery has been customized to the respective clients of both organizations, customers will see no change in the high quality of service upon which they have come to rely."
Source: The First American Corporation