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James M. Orphanides.

First American Title Insurance Company, the country's second largest title insurer, announced that it has acquired Preferred Land Title Services, Inc., a prominent New York City title insurance agency. The purchase was made for an undisclosed amount of Class B stock in First American's parent, The First American Financial Corporation, and for other consideration.

Parker S. Kennedy, president of First American, stated that the acquisition of Preferred Land will increase the company's market share in New York, particularly in Manhattan.

Preferred Land will also add dimension to First American's national referral network since their clients include most major lending institutions and large Manhattan law firms. The Preferred Land group has been merged into the Company's wholly owned subsidiary, First American Title Insurance Company of New York. According to Robert G. Bannon, president of the New York subsidiary, James M. Orphanides (photo), has been named executive vice president and director of the company and will manage the newly combined Manhattan operations. Orphanides was the former president of Preferred Land. A 20-year title industry veteran, he was the head of national sales for a major title insurance company prior to joining Preferred Land.

In addition to Orphanides, the other former Preferred Land principals include Joseph N. Friedman, Martin H. Kornheiser, Martin I. Demsky, Mindy B. Haas, Bruce J. Clay and Thomas A. Glatthaar.
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Title Annotation:Who's News
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Mar 18, 1992
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