First American Buys Title Firm

First American Financial Corp. in Santa Ana, the holding company for one of the nation’s largest real estate title insurers, said Thursday that it has acquired 73% of Southwest Title & Trust Co. in Oklahoma City for promissory notes totaling nearly $3 million.

First American will pay cash to acquire remaining shares of the firm as soon as possible, according to Donald P. Kennedy, First American’s president.

The acquisition of Southwest will give First American title facilities in three counties near Oklahoma City and make the Santa Ana firm the second-largest title insurer in that state, Kennedy said. The nation’s largest title insurer, Chicago Title & Trust Co., is also headquartered in Oklahoma.