BANKING / FINANCE

First American Title Insurance Co. in Santa Ana, one of the nation’s largest title insurers, has purchased a major title and trust firm in Alaska in exchange for stock valued at $554,000. The stock is in First American’s parent firm, First American Financial Corp.

First American also assumed certain debts of Security Title & Trust Agency of Alaska Inc., which was purchased from the Alaska Teamster-Employer Pension Trust. The Anchorage firm recorded income of $2.1 million last year.

The deal is First American’s fifth major purchase in recent months. For a total of $1.3 million in cash, notes and stock, the company bought Outagamie Abstract & Title Co. Inc. in Appleton, Wis.; Port Lawrence Title & Trust Co. of Toledo, Ohio; Universal Title Insurance and Escrow in Minneapolis; and an 80% stake in Mortgage Guarantee & Title Co. in Providence, R.I.

First American also purchased a 29% interest in Cahaba Title of Birmingham, Ala.

First American, which is celebrating its 100th year in business, operates through a network of more than 4,500 branches, subsidiaries, affiliates or agents throughout the United States and in Guam, Mexico, Puerto Rico, the Virgin Islands and the United Kingdom.