First American Corp., moving to broaden its centralized database that streamlines title searches, has completed its acquisition of Credit Management Solutions Inc. in a stock swap.
Credit Management shareholders will receive 0.2841 of a newly issued share of First American common stock for each share of Credit stock they hold--a value of $5.67 a share based on First American's closing price of $19.95 on Wednesday. Santa Ana-based First American will issue about 2.3 million new shares of common stock.
Credit Management, a Maryland-based provider of credit automation software and services, will be known as First American CMSI.
First American's stock closed at $20.48, up 53 cents, on the New York Stock Exchange. Credit Management shares closed at $5.50 Wednesday, the last day of trading.