Howard Hanna Obtains Title Agency in Merger With Competitor
|January 14, 2014|
Pittsburgh-based Howard Hanna Real Estate Services announced Jan. 8 the merger with William E. Wood and Associates, and its subsidiaries including Heritage Title and Towne Mortgage.
The deal allows Howard Hanna, the U.S.’s fourth-largest brokerage by closed transaction sides in 2012, to expand into the two Mid-Atlantic states for the first time. William E. Wood and Associates has 17 offices and nearly 700 agents in Virginia and North Carolina. William E. Wood closed roughly $1.5 billion in annual sales last year. Based of 2013 figures, the combined company represents more than $10 billion in annual transactions with more than 53,000 home sold last year. The acquisition gives Howard Hanna 167 offices with more than 5,700 agents operating in Pennsylvania, Ohio, Michigan, Maryland, Virginia, North Carolina, New York and West Virginia.
Howard Hanna already owned a title company, Barristers Title and Closing Company. Heritage Title and Barristers closed transactions involving homes worth a total of $2 billion in 2013. “William E. Wood is a great established company, known for its quality and integrity. They are a market leader and align well with our growth strategy. They are a great fit with Howard Hanna,” said CEO Howard W. “Hoddy” Hanna, III. “There is a great future of success for everyone in the company. We are confident that together we will do great things.”