End of an era: Mt. Shasta Title & Escrow Co. purchases Siskiyou County Title Co.
Posted by: Groundspeak Premium Member NW_history_buff
N 41° 43.853 W 122° 38.260
10T E 530133 N 4619960
An online article from the SiskiyouDaily.com website that highlights the closing of a longstanding title company in Yreka, CA.
Waymark Code: WMK2GR
Location: California, United States
Date Posted: 02/02/2014
Published By:Groundspeak Premium Member saopaulo1
Views: 2

My family stayed the weekend in the historic small city of Yreka and enjoyed visiting many historic buildings that have been preserved and spotlighted by local historians as well as the Siskiyou County Museum. We came across what I originally thought was a datestone on the side of a brick building but then realized upon further research that this building is much newer than the date on the datestone. I located an online article on the history of the business that once operated here and reads:

By Ami Ridling
Posted Jan. 14, 2013 @ 10:02 am
Jan 14, 2013 at 10:13 AM

“I think the community will be in good hands with Mt. Shasta Title,” said David Collier, a real estate and probate trust attorney who ran Siskiyou County Title Co. with his wife Li.

The Colliers maintained ownership of the corporation, and they own the former Siskiyou County Title Co. office. Collier said he will lease the office space.

Bill Overman, who serves on the Mt. Shasta Title & Escrow Co. board of directors and is its retired president and chief executive officer, said the two entities began discussions about the purchase several years ago when the housing market burst.

“We, as a board, started looking into this. We came to the conclusion that Siskiyou County could not support two title companies in the present market or in the foreseeable future,” said Overman.

Collier added, “We also realized that if we wanted Siskiyou County Title Company to remain an independent title operation, there needed to be one merged entity. We wanted to have a local operation in control of it in Siskiyou County rather than a corporate outsider.”

When the two entities reached their final agreement, they had to receive approval from the California Department of Insurance. On Dec. 30, 2012, Mt. Shasta Title & Escrow Co. received approval notification, and the transaction was completed the following day.

Four Siskiyou County Title Co. employees were given severance packages while four positions were successfully transferred to Mt. Shasta Title & Escrow Co., said Collier.

“Seeing our employees go was really, really hard because they were just absolutely fabulous,” Collier commented.

He added that some of those employees who received severance packages had been with him for over 10 years.

“We understand that this was a very difficult process for David, but we felt it was imperative because you cannot continue in business without being profitable,” said Overman.

He added that Siskiyou County Title Co. is a historic institution in the county, and it has had a long-term reputation of offering good service and involvement in the community. He said Mt. Shasta Title & Escrow Co. aims to continue that.

“My wife and I have felt privileged to work with our customers and employees in Siskiyou County,” said Collier.

Collier represents the fourth generation of Colliers to operate Siskiyou County Title Co., an organization first established by his great grandfather B.K. Collier in 1904.

“We are very proud to be able to make this acquisition,” commented Overman. “Siskiyou County Title Company has an impeccable reputation, and we are delighted that we were able to reach an agreement.”

The dated marble plaque on the building is only listing the founding year of this former title company and is NOT an actual datestone/cornerstone. It was interesting to read about the history of this business nonetheless.

Type of publication: Internet Only

When was the article reported?: 01/14/2013

Publication: Siskiyoudaily.com

Article Url: [Web Link]

Is Registration Required?: no

How widespread was the article reported?: regional

News Category: Business/Finance

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