Westcorp Announces Subordinated Capital Debentures Offering

    IRVINE, Calif.--April 16, 2002--Westcorp , the financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank, today announced that the bank is offering $200 million of subordinated capital debentures.
    The proceeds from the debentures will be used to fund the growth in automobile contracts at WFS Financial, a subsidiary of the bank.
    The offering is being made pursuant to a registration statement filed with the Office of Thrift Supervision. This news release is not an offer to sell or a solicitation of an offer to buy the debentures referred to above, and they will not be sold in any state or jurisdiction in which an offer, solicitation or sale would be unlawful under the securities laws of that state or jurisdiction.
    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://www.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 24 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.