Security National Financial Corp. announces acquisition of Florida-based insurance company

Business Wire, Nov 14, 1994

SALT LAKE CITY--(BUSINESS WIRE)--Nov. 14, 1994--Security National Financial Corp. (NASDAQ:SNFCA) (SNFC) Monday announced that it has entered into a purchase agreement to acquire Capital Investors Life Insurance Co. of Tampa, Fla.

"Capital Investors is an excellent company and fits well into our expansion plans," said Scott M. Quist, first vice president of Security National Financial Corp. "Capital Investor provides us with economies of scale giving us a more efficient operation and broadens our marketing area to many states such as Florida, Virginia, and Illinois, where we currently do not do business."

The acquisition of Capital Investors will increase Security National's asset base to more than $101 million, bringing annual revenues to more than $21 million, and will add nearly 50,000 new policyholders. The acquisition is subject to regulatory approval.

SNFC, founded in 1965, has total assets of more than $101 million. SNFC is listed on the NASDAQ Exchange under the symbol "SNFCA." Headquartered in Salt Lake City, SNFC markets selected lines of life an annuity products in 17 western states. It also sells cemetery and funeral products and services in Utah and Arizona.

Mortuaries and cemeteries owned by SNFC include: Memorial Estates Bountiful, Memorial Estates Cottonwood Heights, Memorial Estates Lakeview, Memorial Estates Mountain View, Memorial Estates Redwood, Colonial Mortuary, Cottonwood Mortuary, Deseret Mortuary, Holladay Evergreen Memorial Park, Memorial Park, Lakehills Mortuary Sandy, Lakehills Memorial Park, Paradise Chapel Funeral Home Phoenix, Camelback Sunset Funeral Home Phoenix and San Diego Memorial Park, Calif.

CONTACT: Security National Financial Corp., Salt Lake City

Scott M. Quist or Kevin F. Childress, 801/264-1060