Westcorp Announces Setting of Record Date for Rights Offering

    IRVINE, Calif.--April 20, 2001--Westcorp , the financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank today announced that the board of directors has approved the record date for the previously announced rights offering to be as of the close of business of April 30, 2001.
    Holders of record of common stock on the record date will receive one basic subscription right, at no cost to those holders, to purchase common stock at a discount to the market price.
    The company's registration statement for its rights offering, filed March 2, 2001, has not yet been declared effective by the Securities and Exchange Commission. The determination of the purchase price, number of shares each shareholder of record may purchase and the expiration date for the rights offering will be made once the registration statement has been declared effective.
    As soon as practicable after the record date, the company expects to mail to its stockholders of record a final prospectus for this rights offering accompanied by a subscription warrant and related instructions for exercising or selling their rights. The prospectus will contain a description of the rights offering and other relevant information.
    If the subscription materials do not arrive within a reasonable time after the record date, stockholders should notify their broker or they may contact the information agent, Mellon Investor Services LLC, at 44 Wall St., Seventh Floor, New York, N.Y. 10005 or telephone 866/825-8874.
    The company may not sale the common stock nor accept offers to buy prior to the registration statement becoming effective.
    This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.
    Westcorp is a financial services holding company whose principal subsidiaries are WFS Financial and Western Financial Bank. Westcorp is a publicly owned company whose common stock is traded on the New York Stock Exchange under the symbol WES. Information about Westcorp can be found at its Web site at http://westcorpinc.com.
    Westcorp, through its subsidiary WFS, is one of the nation's largest independent automobile finance companies. WFS specializes in originating, securitizing, and servicing new and used prime and non-prime credit quality automobile contracts through its nationwide relationships with automobile dealers. Information about WFS can be found at its Web site at http://www.wfsfinancial.com.
    Westcorp, through its subsidiary, Western Financial Bank, operates 25 retail bank branches throughout California and provides commercial banking services in Southern California. Information on the products and services offered by the bank can be found at its Web site at http://www.wfb.com.