Jan 15, 2010 (Waco Tribune-Herald - McClatchy-Tribune Information Services via COMTEX) --San Jose Title Company could be changing hands and names.
The local office of First American Title Co. is part of a Santa Ana, Calif.-based powerhouse in the title insurance industry nationwide. It has been doing business in Waco since 1998. But a group of employees and investors are negotiating to buy local First American Title operations, which include three offices and about 20 employees.
The group will change the name back to First Title Co. of Waco, which the company was called when it was sold to First American Title in November 1998. At that time, the title company was owned by the local law firm of John Sheehy and by Waco businessman Terry Stevens.
Stevens has continued to work for First American Title Co. in the area of acquisitions. He is one of the investors involved in buying back the title company and operating under the old name.
Stevens emphasizes that the deal has not yet been completed, but he's optimistic it will get done.
Spearheading the buyout are Penny Dulock, president of local operations for First American Title, and operations managers Patricia Taylor, Loretta Janek and Karen Moore.
"It's too early to make a big announcement," Dulock said, adding the deal may not close for a month or two. "We still have a lot of pieces to put together. It's a pending transaction."
Asked why employees and investors wanted to buy back the title company, Dulock said, "It would be fun to get back into local decision-making and control."
San Jose Title Company helps facilitate property purchases, refinancing and home equity loans. They also provide title insurance and typically work closely with builders and lenders.