North American Title Co

In a partnership that both parties say is unusual, First American Title Insurance Co. sold a 50% stake in one of its subsidiaries to a California agency company for cash and a note totaling $1.5 million. The deal with North American Title Co. is expected to benefit both firms, but it also may show the industry a different way for title insurers like First American to work more closely with the agents who sell the policies.

Glenfed Inc., the parent of the country's fourth-largest savings and loan, said Friday that it had sold its North American Title Co. subsidiary to its former owner as part of a restructuring that will return Glenfed to its basic savings and loan business. Glenfed did not disclose terms of the sale to North American Asset Development Co., which was formed by Dan R. Wentzel, one of North American's founders, and Gerald B. Beeny, its current president.

In a partnership that both parties say is unusual, First American Title Insurance Co. sold a 50% stake in one of its subsidiaries to a California agency company for cash and a note totaling $1.5 million. The deal with North American Title Co. is expected to benefit both firms, but it also may show the industry a different way for title insurers like First American to work more closely with the agents who sell the policies.

Glenfed Inc., the parent of the country's fourth-largest savings and loan, said Friday that it had sold its North American Title Co. subsidiary to its former owner as part of a restructuring that will return Glenfed to its basic savings and loan business. Glenfed did not disclose terms of the sale to North American Asset Development Co., which was formed by Dan R. Wentzel, one of North American's founders, and Gerald B. Beeny, its current president.

Subject to approval of the California Department of Insurance, American Title Co. and North American Title Co. will merge July 1, under the name North American Title Co. Both firms are wholly owned subsidiaries of Glendale Federal Savings and Loan Assn. North American Title, in Walnut Creek, was acquired by Glendale Federal in 1986, while Orange-based American Title was acquired in 1984. The new firm would have total annual revenues of about $75 million and employ 1,080 persons.