Security Service Federal Credit Union closed on its acquisition of Utah First Title Insurance Agency. According to company leaders, Utah First Title will maintain operations under its current name.
Financial terms for the deal were not disclosed.
An independently owned and operated title agency located just south of Salt Lake City, Utah First Title leaders said they wanted to find the right fit for employees and customers.
“Security Service not only shares our same core values, but their leadership is also making sure our employees and their families are taken care of during the transition and that is important to us,” Mark Schroeppel from Utah First Title said in a release.
Founded in 1956, Security Service is one of the largest credit unions in the nation with 67 locations in Texas, Colorado, and Utah. In addition to providing financial products and services, including insurance and investments, the Credit Union owns subsidiary Security Service Title Co.
“When looking to expand our title services, it only made sense to do so in the areas we currently serve,” Charles Goss, executive vice president and chief lending officer for Security Service, said. “The acquisition of Utah First Title Insurance Agency will allow us to provide title insurance and settlement services for both homeowners and businesses in the Utah market.”
Turk and Co. served as the exclusive investment banker representing Security Service in the transaction. The firm specializes in evaluating, buying and selling title agencies, underwriters and ancillary businesses.
“This is another milestone achievement for our team and highlights our growing practice as financial advisors to institutions who seek title expertise as part of investment banking,” Howard Turk, founder and managing director of Turk and Co., said.