HOUSTON (April 12, 2003) – Stewart Information Services Corp. (NYSE-STC) announced that its subsidiary, Stewart Title Co., has entered into a contract to acquire all of the outstanding shares of California Land Title of Marin (Cal Land), located in San Rafael. Closing is expected to occur on April 30.
Charles W. “Chuck” Bennett will remain as chief executive officer and Gene DiBasilio as president. All other existing key management and staff also will remain in place.
Cal Land has more than 80 employees at its main office and three branches, located in MillValley, Greenbrae and Novato. The company has deep roots in MarinCounty, having been founded in 1955 by Dr. Earl Young as Trans Western Title Co. It became California Land Title Company of Marin in 1965. The principals of the company all have extensive experience in the title and escrow industry.
“This association will benefit our customers, who will realize the enhanced secure backing and national reputation of Stewart Title,” said Bennett. “We also gain access to Stewart’s industry-leading technology, allowing us to better serve our customers.
“Additionally, Stewart’s culture of caring for their employees and the communities they serve mirrors Cal Land’s. This is a win-win for all involved,” added Bennett.
“We are very excited to associate ourselves with the quality of a company like Cal Land,” said Allan Wasserman, group president, Stewart Title Co., and president, Stewart Title of California. “We began working with Cal Land a few years ago and have gotten to know their folks as well as the quality services they provide. Their rich history adds a dimension to Stewart Title in the North Bay area that it had not had previously. By providing tools such as our SureClose® transaction management system, Stewart Title will help enhance and grow the business that Cal Land currently has.”
The Cal Land main office is located at 700 Irwin Street in San Rafael, Calif., telephone number (415) 454-9323.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,300 issuing locations in the