July 31, 2002
STEPHENSON COUNTY ABSTRACT & TITLE COMPANY
H.B. WILKINSON TITLE COMPANY
FACT SHEET
WHAT WILL OCCUR:
On July 31, 2002, H.B. Wilkinson Title Company acquires all of the outstanding shares in Stephenson County Abstract & Title Company.
WHAT HAPPENS TO SCATC:
Stephenson County Abstract & Title Company (SCATC) will operate separately as a division of H.B. Wilkinson Title Company (HBW). SCATC will continue to conduct business as a policy issuing agency of Chicago Title Insurance Company, Security Union Title Insurance Company and First American Title Insurance Company, and will become a policy issuing agency of Stewart Title Guaranty Company and Lawyers Title Insurance Corporation. HBW will have involvement in SCATC at the senior management level and will assist the operation as needed. SCATC will continue to be headquartered at 216 West Exchange Street in Freeport. The building that has housed the company since 1948 was purchased in a separate transaction. Both companies are enjoying a strong financial year and are very optimistic about the prospects for future growth.
WHAT HAPPENS TO SCATC EMPLOYEES:
As a result of the transaction, no employees of the company will be leaving. Dianne A. Bass will serve as President of Stephenson County Abstract and Title Company, a division of H.B. Wilkinson Title Company. Marsha Kerkhoff will remain as Vice President of SCATC and will continue to have managing control of the day-to-day operations of SCATC.
WHO IS H.B. WILKINSON TITLE COMPANY:
H.B. Wilkinson Title Company, a Galena based title insurance firm provides an innovative range of title insurance, escrow and real estate information services including abstracts of title, title searches, and commercial and construction escrow services throughout northwest Illinois and eastern Iowa. It was founded in Morrison, Illinois in 1883 and was incorporated in its present form in 1957. Under current ownership, the company is committed to introducing new levels of service and provides open communication with customers. The company currently operates from a network of six offices located in Galena, Mt. Carroll, Sterling, Morrison, Dixon and Oregon. It conducts its business in primarily eight counties in northwest Illinois.
WHO OWNS H.B. WILKINSON TITLE COMPANY:
The two owners, Gregory M. Kosin and Daniel D. Mennenoh, are title insurance industry veterans. Both are past presidents of the Illinois Land Title Association and are active on committees with the American Land Title Association. Mr. Kosin has been in the title industry for 25 years and is currently president of Greater Illinois Title (GIT), based in Chicago. GIT is Chicago Title's largest title agent in Illinois. Mr. Mennenoh has been in the title industry for 21 years, and has served as president of H.B. Wilkinson Title Company since 1996.
WHY HBW GOT INVOLVED:
The new enhanced relationship with HBW will provide to customers of SCATC new levels of service and geographical coverage in a rapidly changing industry and will provide a strong regional company to assist SCATC to position itself for the future. HBW is a strong player and a leader in the northern Illinois market, and it will provide SCATC additional outlets for a growing list of products and services. In addition, SCATC will have the ability to take advantage of certain HBW resources in order to operate more effectively.
The firms will continue their relationship with and utilization of five national title insurance underwriters including Chicago Title Insurance Company, Stewart Title Guaranty Company, First American Title Insurance Company, Lawyers Title Insurance Corporation and Security Union Title Insurance Company.
H.B. Wilkinson Title Company takes a customer and market-driven approach to the title business by developing innovative products, services and solutions that address the needs of customers. The company and its employees take a great deal of pride in the way they work to meet the needs of its customers.
Other related articles:
Letter to Customers
Acquisition Press Release
