Westcorp Increases Its Quarterly Cash Dividend to $0.11 Per Share

    IRVINE, Calif.--May 4, 2001--Westcorp , the diversified financial services company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank, declared on May 3, 2001, an increase in its quarterly cash dividend to $0.11 per share. The dividend will be paid on June 15, 2001 to shareholders of record as of June 5, 2001.
    "The increased dividend reflects the ongoing success of the Company and our outlook for the future," said Joy Schaefer, President and Chief Operating Officer. Information about Westcorp can be found at its Web site, www.westcorpinc.com.
    Westcorp, through its subsidiary WFS, is one of the nation's largest independent automobile finance companies. WFS specializes in the origination, securitization and servicing of new and used automobile contracts through its nationwide relationships with automobile dealers. WFS provides financing for borrowers in the prime and non-prime credit quality sectors.
    Since 1985, WFS has securitized $19 billion of automobile contracts on 50 transactions, making it the fourth largest issuer in the United States. WFS currently services over $7 billion of automobile contracts. Information about WFS can be found at its Web site, 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, www.wfb.com.