HOUSTON, Jan. 3, 2001 (PRIMEZONE) -- Stewart Information Services Corp. (NYSE:STC) announced that its subsidiary, Stewart Title Co., has completed acquisition of more than 97 percent of the outstanding stock of Stewart Title Company of Memphis. Stewart purchased the stock from shareholders, all of whom are local leaders in the Memphis business community. Sam Liberto will continue to serve as president of the company along with existing key management and staff.
Stewart Title of Memphis was formed in 1982 and rapidly became the leader in market share in the area. The company has a current market share of approximately 20 percent. "Stewart Title of Memphis has lead the way in service to the real estate brokerage and financial services industry in Memphis," said Tom Sagehorn, Stewart Title Guaranty Co. executive vice president for the central United States. "Our mission under the leadership of Sam Liberto will be to continue our excellent relationships with all of the former shareholders of the company who are active leaders in the real estate, building and lending community."
Stewart Title of Memphis is the latest in a string of acquisitions and start-ups for Stewart in the mid-South region of the company. "This move will enhance our ability to provide magnificent service to our customers and accelerate our growth in the Memphis market," said Liberto. "We will work to advance the use of technology and connectivity with all of our customers."
Stewart Title Company of Memphis is located at 6525 Quail Hollow, Suite 510, Memphis, Tenn. 38120, telephone number 901-756-8383. The abstract plant is located at 4894 Poplar Ave., Suite 300, telephone number 901-818-9077.
Stewart Information Services Corp. is a technology-driven, strategically competitive, global real estate information company. Stewart provides title insurance and related services through more than 5,300 issuing locations in the United States and several international markets. A leading provider of real estate information technology and connectivity, Stewart meets the needs of the real estate and mortgage industries through the electronic delivery of services required for settlement. These services include title reports, flood determinations, property appraisals, document preparation, credit reports and other real estate information. In addition, Stewart provides expertise in tax-deferred exchanges, surveys and field services. More information about Stewart can be found at www.stewart.com.