First American Sews Up Deal to Buy CMSI

Times Staff and Wire Reports

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.

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