Westcorp Announces the Appointment of a New President

    IRVINE, Calif.--Feb. 8, 2002--Westcorp , whose principal subsidiaries are WFS Financial Inc and Western Financial Bank, announced today that Tom Wolfe, the president of WFS Financial will assume the added duties and titles of president of Westcorp and chief executive officer of WFS Financial Inc, effective immediately.
    Tom Wolfe has been with WFS Financial since April 1998 and has served as its president since March 1999. Westcorp and WFS Financial do not anticipate that there will be any significant changes in the current business activities or direction of the companies.
    Joy Schaefer, previous president of Westcorp and chief executive officer of WFS Financial has resigned to pursue other interests. "Joy will certainly be missed as her accomplishments and commitment to our organization were instrumental in creating the financial and professional successes we are most proud of today," commented Ernest Rady, chairman of the board of Westcorp and WFS Financial.
    Westcorp is a financial services holding company whose principal subsidiaries are WFS Financial Inc 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 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.