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WFS Financial Announces Filing of a Registration Statement

22 November 1999

Westcorp's Subsidiary, WFS Financial, Announces Filing of a Registration Statement for a Follow-On Offering of Its Common Stock

    IRVINE, Calif.--Nov. 19, 1999--Westcorp , the financial services holding company whose principal subsidiaries are WFS Financial and Western Financial Bank announced today that its subsidiary, WFS Financial has filed with the Securities and Exchange Commission a registration statement to sell 2 million shares of common stock. The shares are being offered through underwriters led by Bear, Stearns & Co. Inc. and co-managed by Donaldson, Lufkin & Jenrette Securities Corporation.
    Following the completion of the offering, it is expected that Westcorp's 100% owned subsidiary, Western Financial Bank, will retain at least an 80% interest in WFS. The number of shares outstanding of WFS will increase to approximately 28 million shares. A copy of the prospectus, when available, may be obtained by calling or writing the Prospectus Department at Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167, 212/272-2000 or the Prospectus Department at Donaldson, Lufkin & Jenrette Securities Corporation, 277 Park Avenue, New York, NY 10172, 212/892-3000. While the registration statement has been filed, it has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 laws of any state or jurisdiction.
    Westcorp, through its subsidiary, WFS, is one of the nation's largest independent automobile finance companies. WFS specializes in the origination, securitization, and servicing of new and used automobile contracts through its nationwide relationships with automobile dealers. WFS provides financing for borrowers in the prime and non-prime credit quality sectors. Since 1985, WFS has securitized over $14 billion of automobile contracts in 46 transactions making it the fourth largest issuer of such securities in the U.S. WFS currently services over $5.2 billion of automobile contracts. WFS maintains a Web site at http://www.wfsfinancial.com that contains further information about the Company.
    Westcorp, through its subsidiary, Western Financial Bank operates 25 retail bank branches throughout California, and provides commercial banking services in Southern California. Western Financial Bank maintains a Web site at http://www.wfb.com that contains further information on the products and services offered by the Company.