HOUSTON (Dec. 18, 2003) - Stewart Information Services Corp. (NYSE - STC) announced today that its subsidiary Stewart Title Co. has acquired Platte County Title & Abstract in the Kansas City area. Key management and staff will remain with the office.
"This strategic acquisition gives us explosive potential in one of the fastest growing counties in the area," said Bud Whisler, STC group president of Central States Region, South. "Platte County is one of the fastest growing counties in Missouri, the first being on the other side of the state near St. Louis. This particular area is very attractive to businesses due to its affordability, accessibility, quality of life and other factors such as the user-friendly Kansas City International Airport. We are definitely looking forward to expanding our business in the Kansas City area."
Marty Albertson, president, Platte County Title & Abstract, sees advantages for his customers in joining the Stewart group. "We're a small town title company, and although we have a leading market share here, we are basically a one-county company. Our customers will benefit from the resources and services offered by a nationwide organization."
Albertson also finds benefits for his employees. "I was approached by other underwriters, but none of them provided opportunities for future advancement like Stewart. We can all really grow with Stewart."
Albertson has been in the title industry for 20 years, and even has experience working with Whisler before joining Platte County Title & Abstract 15 years ago and later purchasing it. "Bud is like a mentor to me, and it will be exciting to see how he runs a metropolitan-wide corporation. It will be fun to work with him again and learn more about how he operates such a large organization."
Whisler also looks forward to reuniting with Albertson. "In addition to continuing to run Platte County Title, Marty will take a leadership role within Stewart Title of Kansas City, and we'll be very fortunate to have his strong experience and expertise in this market to help us all grow together."
Platte County Title & Abstract can be reached at (816) 858-5498.
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 7,100 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 and background checks. 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.