Closing USA Acquires American Coast Title
May 22, 2012
Rochester, N.Y.-based Closing USA announced the acquisition of a controlling interest in American Coast Title (ACT), a title and escrow company with offices in Glendale and San Diego.
“We couldn’t be more excited. The synergies that come from ACT joining the Closing USA family will open a world of opportunity for both companies,” said Elliot Foo, Closing USA President & CEO.
For Closing USA, a leading minority-certified title and escrow company, the deal means access to the enormous California market, which accounts for almost 25 percent of all real estate transactions, Foo said.
“From our perspective, being a part of the Closing USA family give us access to refinance, default and commercial transactions from their existing national customer base” said Frank Berriz, senior vice president of sales. “The new business we anticipate will instantly put us in a growth mode.”
Foo added that the combination of ACT’s local market expertise and Closing USA’s national customer base is the best of both worlds. In addition to ACT’s ongoing presence in Glendale and San Diego the company plans to expand by opening an office in Orange County.
“Our expansion into Orange County will solidify our commitment to the Southern California market,” Foo said. “Orange County fills the coverage gap perfectly between Glendale and San Diego, providing support for our local market growth.”