Industry News

First American buys New York title co.

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First American Title Insurance Co. of New York, a subsidiary of First American Title Insurance Co., has acquired the remaining ownership interest in Public Abstract Corp., headquartered in Rochester, N.Y.   Terms of the transaction, which closed on April 1, were not disclosed.   Formed in 1969, Public Abstract provides commercial real estate title services on local, state and national levels, as well as settlement services through 10 offices in upstate New York. It has been a First American affiliate and agent for more than 20 years.   "The acquisition of Public Abstract is an important part of our strategy for New York," said James Orphanides, regional VP for First American Title Insurance Co. "With this transaction, we can expand our direct operations and take advantage of economies of scale."   First American Title Insurance Co. of New York was founded in 1973 and operates through four offices. First American Title, headquartered in Santa Ana, Calif., is one of t...