Capital Title Group and Charter One Announce the Sale of the Assets of Real Estate Appraisal Services, Inc.
October 22, 2004
CTG Real Estate Information Services Expands Settlement Resources
SCOTTSDALE, Ariz. and CLEVELAND, /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) and Charter One Bank announced a definitive agreement through which CTG Real Estate Information Services (CTG REIS), a subsidiary of Capital Title Group, will acquire the assets of Real Estate Appraisal Services, Inc. (REAS), a wholly owned subsidiary of Charter One Bank.
Capital Title is a national provider of transaction services to the real estate and mortgage lending industries serving as a title agency, title insurance underwriter and source for real estate-related services. REAS, a 27 year-old appraisal service company, is an experienced provider of appraisal and flood determination services for residential and commercial property primarily in 34 counties in five states. It has regional offices in Illinois, Michigan and New York.
The vertical integration of REAS' current services with the technological support of Nationwide Appraisal Services, a CTG REIS subsidiary headquartered near Pittsburgh, will produce effective cost saving synergies.
"This is a great opportunity for us to establish a working relationship with Citizens Financial Group, ranked 9th in the nation by size of deposits," said Richard A. Alexander, President and Chief Executive Officer of CTG REIS. "We are inheriting a strong operation with an extremely well-trained and skilled staff that provides quality service. We are excited to have them become members of the Capital Title Group family of companies." "The strengthening of our position in the Midwest section of the country is another step in building a strong national platform," said Donald R. Head, Chairman, President and Chief Executive Officer of Capital Title Group. "We are pleased to have been selected by Charter One from the number of interested parties to acquire the assets of REAS." "We are gratified to have found such a strategic partner for the real estate appraisal business," said Tom Hollister, President and Chief Executive Officer of Charter One Bank. "CTG REIS provides an exciting opportunity for the talented employee base at REAS."
Source: Capital Title Group