HOUSTON (Sept. 22, 2003) - Stewart Information Services Corp. (NYSE-STC) announced the election of Robert L. Clarke as an advisory director.
Clarke served as Comptroller of the Currency of the United States from 1985 to 1992. In March 1992, he rejoined the prominent Houston law firm Bracewell & Patterson LLP where he serves as senior partner and is the founder of its financial services practice.
"Robert Clarke is a stellar addition to an already excellent board," said Malcolm Morris, Stewart chairman and co-chief executive officer. "The breadth and depth of his financial knowledge worldwide is well-known. His counsel will be of much value as we continue to meet our aim of consistently growing book value per share by leveraging our superior technology platforms with profitable market share growth both domestically and internationally."
"We are pleased to add Robert Clarke to our board," said Stewart Morris Jr., president and co-chief executive officer. "We look forward to receiving his guidance as Stewart continues to be a leader in title insurance, in services for the banking industry, and in exporting title guaranty, land records modernization and other services internationally."
Clarke has extensive experience in the ownership and operation of banks, banking laws and regulations and bank supervision, both in the United States and internationally. He founded the Financial Services Section at Bracewell & Patterson in 1973. He was appointed U.S. Comptroller of the Currency in 1985 by President Ronald Reagan, and at the end of his first term was reappointed by President George Bush.
As Comptroller of the Currency, Clarke headed the federal agency that during his tenure supervised approximately 5,000 nationally chartered commercial banks, which together account for two-thirds of the assets of the commercial banking system. As a result of his service, Clarke also was a member of the boards of directors of the Federal Deposit Insurance Corp. (FDIC) and the Resolution Trust Corp. He also was a member of the Federal Financial Institutions Examination Council, where he served as chairman from April 1989 through April 1991.
Clarke has served as a consultant to the World Bank and as senior advisor to the president of the National Bank of Poland. He also has participated as an advisor to the governments of Hungary, Argentina, Brazil, Mexico, Latvia, Romania, Kazakhstan and Hong Kong in their bank supervisory operations, and is also a participant in leadership training programs for the Toronto Centre.
Clarke received his B.A. in Economics from Rice University and his LL.B. from Harvard Law School. He serves as a director of Centex Construction Products Inc., Community Bancorporation of New Mexico Inc., First Investors Financial Group Inc., Vestor Associates LLC and SummerWinds Garden Centers Inc.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,900 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports, background checks and online property auctions. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.