Westcorp Announces Subordinated Debenture Filing

    IRVINE, Calif.--Sept. 6, 2001--Westcorp , the financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank today announced that Westcorp's wholly owned subsidiary, Western Financial Bank ("the Bank"), has filed a registration statement with the Office of Thrift Supervision for the issuance of $200 million in subordinated debentures.
    In connection with this filing, the Bank has also filed a notification with the Office of Thrift Supervision to have the subordinated debentures treated as supplemental capital for regulatory purposes. The company expects to use the proceeds primarily to fund the growth in its automobile lending operations.
    "The issuance of these subordinated debentures is designed to provide us with the necessary regulatory capital levels to support the ongoing growth of our nationwide automobile finance business," said Joy Schaefer, president of Westcorp.
    This offering is being lead managed by Credit Suisse First Boston Corp. and co-managed by Bear Stearns Co. Inc. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes 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 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 pre-owned 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.