Westcorp Announces the Pricing of its Offering of Additional Shares of its Common Stock

    IRVINE, Calif.--July 2, 2003--Westcorp announced today that it has priced the public offering of 4,600,000 additional shares of its common stock at a price of $28.00 per share. The offering, which is expected to close on July 8, 2003, will result in approximately $122.0 million in net proceeds to the Company.
    Westcorp has also granted the underwriters an option to purchase an additional 674,000 shares of its common stock at $28.00 per share, less the underwriting discount. Credit Suisse First Boston LLC, Goldman Sachs & Co., Bear, Stearns & Co. Inc., and JMP Securities LLC acted as the underwriters for the offering.
    In addition, on or before July 8, 2003, Westcorp will sell 700,000 shares of its common stock to affiliates of Ernest Rady, Chairman of the Board of Directors and CEO of Westcorp, and 130,000 shares of its common stock to its Employee Stock Ownership Plan, both of which placements will be at a per share price of $28.00.
    A copy of the prospectus may be obtained by calling or writing the Prospectus Department at Credit Suisse First Boston LLC, Eleven Madison Avenue, New York, NY 10001, 212/325-2000.

    This press 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 law of any state or jurisdiction.