Industry News

First American to acquire Transcontinental Title

Deal expected to close in February

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First American Title Insurance Co. today announced that it has signed a definitive agreement to acquire privately held TransContinental Title Co., a provider of title and settlement services to national mortgage lenders in 38 states. The acquisition, which is subject to regulatory approvals, is expected to close in late February. Led by its chief executive officer and sole shareholder William Baumgart, TransContinental reported gross revenues of $61 million in 2004 and projects similar revenues for 2005, according to a press statement. TransContinental will continue to operate under its current name and management structure, working in conjunction with First American's National Lenders Advantage unit, the company's existing high-volume, centralized title processing arm formed in 1993 to address the needs of mortgage originators. In offering two channels for complete title and settlement services the company hopes this will increase First American's overall presence in the large lend...