First American Announces Completion of Acquisition of Mother Lode Holding Company and Its Operating Subsidiaries

Rhea-AI Summary

First American Financial Corporation (NYSE: FAF) has completed its acquisition of Mother Lode Holding Company, enhancing its operations across 11 states. This strategic purchase incorporates 92 offices and 17 subsidiaries, primarily in strong housing markets like California and Texas. The acquisition aims to bolster First American's service capabilities, adding significant underwriting resources and industry insights. CEO Ken DeGiorgio highlighted the importance of this deal in expanding market coverage, while Mother Lode's leadership will remain intact, continuing under its established brand.

Positive

• Acquisition of Mother Lode Holding Company enhances market presence in 11 states.
• Integration adds significant underwriting resources and industry data.
• Strengthens First American's position in key housing markets.

Negative

• None.

—Purchase expands First American’s footprint in 11 states—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, announced today the completion of First American’s acquisition of Mother Lode Holding Company, a California-based provider of title insurance, underwriting and escrow services for residential and commercial real estate transactions with 17 operating subsidiaries throughout the U.S., including its principal subsidiary Placer Title Company.

“We are pleased to welcome Mother Lode and its over 1,000 people to the First American family,” said Ken DeGiorgio, chief executive officer of First American Financial Corporation. “The addition of Mother Lode will augment our efforts to expand our coverage in key growth markets and increase our ability to serve customers in many of the country’s strongest housing markets.”

Mother Lode Holding Company’s subsidiaries are premier brands within their respective real estate communities. With 92 offices in 11 states, the company is rooted in a 49-year track record of providing superior customer service. Mother Lode Holding Company’s subsidiaries operate primarily in California, Idaho, Montana, Wyoming, Texas, Arizona, Washington and New Mexico. The company’s reach, expertise and commitment to superior customer service complements First American’s existing operations. Customers of Mother Lode Holding Company’s operating subsidiaries will benefit from enhanced underwriting resources and the industry’s largest property and ownership dataset, as well as access to other industry-leading resources for residential transactions.

Mother Lode Holding Company Chief Executive Officer Randy Bradley, Chief Operating Officer Lisa Steele and President Darrick Blatnick will continue to lead the company, which will now operate as a wholly owned subsidiary of First American. The company and its operating subsidiaries will continue to operate under their existing brands.

“Joining First American will provide new opportunities for our staff as we continue to serve our customers in this dynamic real estate market,” said Bradley. “We’re also pleased to join a company that similarly values fostering an employee-centric culture, which is reflected in First American's being named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune magazine for the seventh consecutive year.”

Houlihan Lokey acted as financial advisor to Mother Lode Holding Company on the transaction.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com.

About Mother Lode Holding Company

Mother Lode Holding Company provides title insurance, underwriting and escrow services for residential and commercial real estate transactions through its 17 operating subsidiaries in the U.S. With 92 offices in 11 states, Mother Lode Holding Company’s subsidiaries operate primarily in California, Idaho, Montana, Wyoming, Texas, Arizona, Washington and New Mexico. Mother Lode Holding Company’s principal subsidiary, Placer Title Company, was founded in 1973. More information about the company can be found at www.mlhc.com.

Forward-Looking Statements
Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.”

These forward-looking statements include, without limitation, statements regarding anticipated benefits from the transaction. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation, regulatory-, technology- or business-related challenges.

These forward-looking statements speak only as of the date they are made. First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503005513/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298



Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Financial Corporation

FAQ

What is the impact of First American's acquisition of Mother Lode Holding Company?

The acquisition expands First American's presence in 11 states, enhances its underwriting capabilities, and strengthens service delivery in key housing markets.

How many subsidiaries does Mother Lode Holding Company have?

Mother Lode Holding Company has 17 operating subsidiaries across the United States.

What states does Mother Lode Holding Company operate in?

Mother Lode operates in California, Idaho, Montana, Wyoming, Texas, Arizona, Washington, and New Mexico.

Who will lead Mother Lode Holding Company after the acquisition?

Mother Lode's current leadership team, including CEO Randy Bradley, will continue to lead the company as a subsidiary of First American.