SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 30, 1997
THE FIRST AMERICAN FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
CALIFORNIA 0-3658 95-1068610
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
114 EAST FIFTH STREET, SANTA ANA, CALIFORNIA 92701-4642
(Address of Principal Executive Offices) (Zip Code)
(714) 558-3211
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
See the attached Exhibit.
ITEM 7. EXHIBITS.
99 Press Release of The First American Financial Corporation dated
December 2, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
THE FIRST AMERICAN FINANCIAL CORPORATION
(Registrant)
Date: January 27, 1998 By: /S/ THOMAS A. KLEMENS
Name: Thomas A. Klemens
Title: Executive Vice President and Chief
Financial Officer
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EXHIBIT 99
CONTACT: John Long
First American Real Estate Solutions
President
1-800-449-8732
Janis Lamar
Experian
Director, External Affairs
(714) 385-7814
FIRST AMERICAN FINANCIAL AND EXPERIAN
COMPLETE AGREEMENT TO FORM NEW COMPANY
FIRST AMERICAN REAL ESTATE SOLUTIONS WILL BE THE LEADER
IN MORTGAGE LENDING SERVICES WITH $450 MILLION IN REVENUES
SANTA ANA, CALIFORNIA, DECEMBER 2, 1997
The First American Financial Corporation (NYSE: FAF) and Experian Group
announced today that they have completed the previously announced merger of
their respective real estate information subsidiaries into a new company,
effective January 1, 1998. First American Real Estate Solutions, LLC, is 80
percent-owned by First American Financial and Experian owns the remaining 20
percent. Other businesses of the respective companies, including Experian's
credit division and First American's title insurance operations, were not part
of this transaction.
The combination of First American Real Estate Information Services, Inc.
(Information Services) and Experian's Real Estate Solutions (Experian RES)
results in the nation's largest and most diverse provider of information
technology and decision support solutions for the mortgage and real estate
industries. First American Real Estate Solutions will have annual revenues of
more than $450 million and a combined staff of 4,000. The venture combines
RES's property data and title information services with all of Information
Service's businesses, with the exception of Excelis, Inc., the mortgage loan
servicing software division. First American Financial and Experian management
expect the transaction to be accretive to the earnings of both companies.
The new company's headquarters are in St. Petersburg, Florida, the current
headquarters of Information Services, and John Long, President of Information
Services, has been named president.
The First American Financial Corporation, based in Santa Ana, California, is
the nation's leading provider of real estate-related financial and information
services. The corporation's subsidiaries include First American Title
Insurance Company, a national and international title insurer; First American
Real Estate Information Services, Inc., which offers tax reporting and
certification, credit reporting, flood certification, mortgage loan servicing
systems, appraisal services, mortgage document preparation and field
inspection services nationally; First American Home Buyers Protection
Corporation, a home warranty company; and First American Capital Management,
an investment advisory firm. The corporation also operates First American
Trust Company and First Security Thrift Company in Southern California. First
American Financial has more than 10,000 employees in over 400 branch offices
in the United States and abroad. Information about the Company's subsidiaries
and an archive of its press releases can be found at http://www.firstam.com on
the Internet.
Experian was formed in November 1996 from the combination of Experian and the
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CCN Group. Experian employs about 7,000 people in more than 80 offices in the
United States, United Kingdom, Continental Europe, Africa and Asia Pacific.
Pro forma sales in fiscal year 1996/97 (April 1, 1996 - March 31, 1997) were
$890 million. The merged companies are headquartered in Orange, Calif., and
Nottingham, U.K. Experian is the world's leading supplier of consumer credit
information and solutions. With its acquisition of Direct Marketing Technology
Inc. in April 1997, Experian became one of the largest companies in the direct
marketing industry worldwide. Direct Tech generated $65 million in sales in
fiscal 1996, which ended November 30. For business details, credit products
and practical information about managing credit, visit the company online at
www.experian.com.
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