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UNION NATIONAL FINANCIAL COR history
UNION NATIONAL FINANCIAL COR company history timeline
First Union traces its foundation to 1908 as the Charlotte-based Union National Bank.
Later, it was the first bank to offer a flat-fee checking account. For example, in 1947 Union National became the first Charlotte-based bank to open a branch office.
In 1958, a visionary leader at Union National by the name of Carl McCraw, Sr.--then serving as president of the bank--recognized that the future of American banking lay in a strong branching network.
That year, Fidelity National Title Insurance Co. (FNTIC), which began doing business in Nebraska in 1961, acquired the assets of a small underwriter in Tucson, Arizona.
By 1964, the company had further diversified by acquiring the Raleigh-based Cameron-Brown Company.
By December 31, 1968, First Union formed a bank holding company with total assets of nearly $1 billion.
In 1973, Edward E. Crutchfield, Jr., became the nation's youngest president of a major banking company when he was named president of First Union at age 32.
The company's current incarnation began to take form in 1980.
Foley and Willey incorporated Fidelity National Financial Inc. in 1984 and took controlling interest in FNTIC in a leveraged buyout, a deal worth approximately $21 million.
The sale of stock to employees in 1985 gave Fidelity the distinction of being the nation's first and only employee-owned title insurance underwriter.
In 1985, the Supreme Court approved regional interstate banking, and First Union was among the first American banks to take advantage of this decision.
Cameron-Brown changed its name to First Union Mortgage Corporation in 1986.
Fidelity also left Arizona for California in 1987, moving corporate headquarters from Scottsdale to Irvine.
The company made a public offering in 1987, trading on the American Stock Exchange under the symbol FNF. Another large purchase took place the same year.
The 'capital partners' group was established in 1987 to provide merchant banking services to its southeastern communities.
In 1988, First Union's national presence was sufficient to warrant listing its stock on the New York Stock Exchange.
In addition, Fidelity's claim payment rates were the lowest in the industry in 1991 at 6.7 percent of earned premiums.
In 1991, company revenues were $220.6 million, a 23.5 percent increase over the previous year, and profits were $6.2 million, up 36 percent, according to California Business.
Fidelity switched to the New York Stock Exchange in 1992.
Year-end 1993 revenue was $575 million.
Foley strayed from Fidelity's core business when he got involved in the effort to turn around the struggling CKE Restaurants, Inc., beginning in 1993.
Hope was later to become vice chairman of the corporation, president of the American Bankers Association, and director of the Federal Deposit Insurance Corporation before his death in 1993.
The foreign exchange operation assisted more than 350 corporate customers in some 54,000 transactions in 1993.
After eight years of offering its own proprietary mutual funds, First Union began rapidly developing a licensed sales force to sell mutual funds in 1993.
Fidelity deepened its involvement in technical services when it purchased, in 1994, ACS Systems Inc.
By 1994, the mortgage company stood as one of the nation's 11 largest mortgage banking companies based on mortgage servicing volume.
As of 1994, the bank held firmly to its image of strong financial performance and quality products and service.
Georgius helped develop the Quality Customer Service (QCS) program, which by 1994 had become an industrywide model.
Stepping outside the title business, Fidelity's 1995 acquisition of World Tax Service worked to further enhance its market position in California.
Moving Forward In 1995, the company restructured its financial services businesses under a new name: Alleghany Asset Management Inc.
Fidelity brought the country's eighth largest title underwriter into the fold in 1996 and, by doing so, doubled its existing agency base.
In October of 1997, CTT introduced CastleLink, the company's single source mortgage service for major national mortgage lenders.
On December 17, 1997 Alleghany Corp. announced its intention to establish the title insurance and real estate-related services businesses conducted by CT&T as an independent, publicly traded company through a spin-off to Alleghany stockholders.
Fidelity had begun working, in 1997, on its bundled services capacity, including title and escrow, tax, credit, flood, foreclosure appraisal, document record, and electronic commerce.
During 1997, CT&T celebrated its 150 year anniversary.
Also in 1998, Chicago Title Credit Services signed a letter of intent with Trans Union to enter into an affiliation arrangement through which Trans Union and its affiliates may use our merged credit reports.
In 1998, nine years after its initial entry in the state, FNTIC would merge with Alamo Title and gain the number two spot among underwriters in Texas.
The title insurance industry posted substantial gains in 1998, aided by a strong real estate market.
Pending legislative reform of the financial services sector and concerns about overcapacity also pushed companies to merge, according to an August 1999 American Banker article.
Chicago Title Corporation achieved a major milestone in 1999 when it signed a definitive agreement on August 1 to be acquired by Fidelity National Financial, Inc., creating the pre-eminent company in the title insurance industry.
But the first half of 1999 saw the industry slumping again in response to rising interest rates and a slowing down of property transactions.
The historic merger was finalized in March 20, 2000.
Fidelity's acquisition of Chicago was completed in 2000 and valued at more than $1 billion.
Fidelity's year-end total revenue for 2001 reached $3.9 billion.
Formed in 2001 through a merger with and reorganization of VISTA Information Solutions, FNIS was the largest provider of Multiple Listing Services in the nation only a year into operation.
In addition, Fidelity's earnings hit record levels in 2002, up 74 percent over the prior year to $531.7 million.
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