8-K

 


                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                                  


                                   FORM 8-K

                                CURRENT REPORT
                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                                                 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):  DECEMBER 11, 1997

                   THE FIRST AMERICAN FINANCIAL CORPORATION
              (Exact Name of Registrant as Specified in Charter)

CALIFORNIA                         0-3658              95-1068610            
(State or Other Jurisdiction       (Commission         (IRS Employer 
of Incorporation)                  File Number)        Identification No.)

114 EAST FIFTH STREET, SANTA ANA, CALIFORNIA      92701-4642
(Address of Principal Executive Offices)          (Zip Code)

(714) 558-3211                                         
(Registrant's telephone number, including area code) 

NOT APPLICABLE                                                  
(Former Name or Former Address, if Changed Since Last Report)


ITEM 5.   OTHER EVENTS.

     See the attached Exhibit.


ITEM 7.   EXHIBITS.

     99   Press Release of The First American Financial Corporation dated
          December 12, 1997.

                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                         THE FIRST AMERICAN FINANCIAL CORPORATION
                         (Registrant)


Date: January 23, 1998   By:  /S/ THOMAS A. KLEMENS                           
                         Name:     Thomas A. Klemens
                         Title:    Executive Vice President and Chief
                                   Financial Officer

EX-99

                                  EXHIBIT 99
 
                              CONTACT:  Thomas A. Klemens,
                                        Chief Financial Officer
                                        (714) 558-3211, ext. 7442 

                       FIRST AMERICAN FINANCIAL DECLARES
                  STOCK SPLIT AND REGULAR QUARTERLY DIVIDEND 

SANTA ANA, CALIFORNIA, DECEMBER 12, 1997 

At its December meeting yesterday, the board of directors of The First
American Financial Corporation (NYSE: FAF) declared a three-for-two stock
split, as well as a regular quarterly cash dividend of 20 cents per Common
share on a pre-split basis. 

The stock split will be effected in the form of a 50 percent stock dividend,
which will be distributed on January 15, 1998, to First American shareholders
of record on January 1, 1998.  After the split, the number of shares
outstanding will be approximately 17,365,000. Fractional shares will be paid
in cash based on the last sale price of First American Common shares on
December 31, 1997, adjusted pro forma for the stock split. 

In order to implement the stock split, the Board of Directors also approved an
amendment to the Company's certificate of incorporation, which will increase
the number of its authorized shares of capital stock from 24,000,000 to
36,000,000.  The par value of such shares will remain at $1. 

The cash dividend is payable January 15, 1998, to shareholders of record on
December 31, 1997. The company has paid a cash dividend every year since 1909.

The First American Financial Corporation, based in Santa Ana, California, is
the nation's leading provider of real estate-related financial and information
services.  The corporation's subsidiaries include First American Title
Insurance Company, a national and international title insurer; First American
Real Estate Information Services, Inc., which offers tax monitoring, credit
reporting, flood certification, mortgage loan servicing systems, appraisal
services, mortgage document preparation and field inspection services
nationally; First American Home Buyers Protection Corporation, a home warranty
company; and First American Capital Management, an investment advisory firm.
The Corporation also operates First American Trust Company and First Security
Thrift Company in Southern California.  First American Financial has more than
10,000 employees in over 400 branch offices in the United States and abroad. 
Information about the Company's subsidiaries and an archive of its press
releases can be found at http://www.firstam.com on the Internet. 

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