The acquisition is intended to enhance First American's presence in the automotive and consumer-lending credit reporting fields. First American is already a national provider of business-related information and related products and services. One such service includes providing title insurance and information for highly complex multi-property, multi-county and multi-state commercial and industrial real estate transactions.

"The acquisition of CMSI represents another major advancement in our strategy to expand our consumer information segment. In addition to providing extensive automated credit analysis services to the automobile-lending industry, CMSI serves telecommunications companies, student lenders, equipment lessors and small businesses. CMSI's relationships with lenders across the nation also gives us the opportunity to cross market other First American products and services to a broad new customer base," says First American president Parker S. Kennedy.

If the boards of directors for both companies unanimously approve the deal, CMSI stockholders will receive common shares of First American in exchange for their shares of CMSI. First American expects to retain most of CMSI's 200 employees and the company's existing facilities.