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

IRVINE, Calif.--Nov. 18, 2003--Westcorp announced today that it has priced the public offering of 5,450,000 additional shares of its common stock at a price of $34.39 per share. The offering, which is expected to close on Nov. 2, 20034, 2003, will result in approximately $179 million in net proceeds to the company.

The underwriters have the option to purchase an additional 817,500 shares of its common stock at $34.39 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.

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.

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.

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 18 retail bank branches 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.