January 31, 2001 |
First American Corp. said Tuesday it agreed to acquire Credit Management Solutions Inc. for about $52 million in a stock swap, broadening its centralized national database that streamlines title searches. The move, approved by the boards of both companies, is expected to close in the second quarter, said First American, a Santa Ana title company that offers real-estate-related financial and informational services. Shareholders of Credit Management, based in Annapolis Junction, Md.
January 12, 2001
First American Corp. in Santa Ana, one of the nation's largest title insurance firms, said Thursday that a subsidiary has acquired a New Jersey firm that provides background checks on job applicants and current employees. First American said in a press release that its HireCheck Inc. unit acquired Pretiem Corp. Financial terms were not released. Pretiem expands HireCheck's employment-screening services in the mid-Atlantic region and among the maritime and energy industries.
December 19, 2000 |
Business is looking brighter for title insurance companies, including two Orange County titans, as speculation grows that the Federal Reserve may cut interest rates soon. Title insurance companies rely on real estate transactions for revenue, and if interest rates fall, mortgage refinancing activity "quite naturally goes higher" and will push the companies' earnings higher, said Michael Grondahl, a US Bancorp Piper Jaffray analyst.
November 2, 2000
The Santa Ana operator of the nation's second-largest title insurance company reported third-quarter profit of $24.4 million, or 37 cents a share, down 13% from $28 million, or 42 cents a share, posted a year ago. Revenue declined 3% to $750.3 million.
September 7, 2000 |
Santa Ana-based title insurer First American Corp. said its CIC Inc. subsidiary has acquired Factual Business Information, a Miami-based provider of background checks on job applicants and employees. Factual Business Information's name was changed to CIC Applicant Background Checks, but it will continue to operate out of the Miami office.
August 24, 2000
The First American Corp., which operates the nation's second-largest title insurance company, said Wednesday that a subsidiary has acquired a minority interest in an Illinois marketing and benefit services company. The Santa Ana company did not disclose the amount of the investment that its First American Real Estate Information Services Inc. has taken in Consumer Benefit Services Inc. in Naperville.
August 15, 2000 |
Title insurer First American Corp. plans to sell $200 million in unsecured senior notes, according to a regulatory report filed Monday. The filing allows Santa Ana-based First American to register the notes in advance and then sell them when market conditions warrant or when financing needs arise. Terms of the securities are usually announced at the time of the sale. First American plans to use the proceeds of the sale for general corporate purposes, including potential acquisitions.
July 28, 2000
First American Corp. posted lower profits and sales for the second quarter, noting that higher interest rates put a damper on mortgage refinancing activity. The Santa Ana business information company, which operates the nation's second-largest title insurer, said net income fell 28% to $25 million, or 38 cents a share, from $34.8 million, or 54 cents a share, a year earlier. Sales dipped to $775.9 million from $781.9 million.
May 13, 2000
Reflecting its expansion into nonfinancial services, First American Financial Corp. said Friday that shareholders have approved changing the company's name to First American Corp. The change for the Santa Ana business information company, which operates the nation's second-largest title insurer, will have no effect on shares outstanding. The stock will continue to be traded on the New York Stock Exchange under the same FAF ticker symbol.