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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: JUNE 16, 1994
WESTCORP
(Exact name of registrant as specified in its chart)
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<S> <C> <C>
CALIFORNIA 33-13646 51-0308535
(State or other jurisdiction Commission File IRS Employer
of incorporation) Number Identification Number
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23 PASTEUR, IRVINE, CALIFORNIA 92718-3804
(Address of principal executive offices) (Zip Code)
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714-727-1000
(Registrant's telephone number, including area code)
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ITEM 5: Other Events
On Tuesday, June 14, 1994 Westcorp, the savings and loan
holding company parent of Western Financial Savings Bank, F.S.B., Irvine,
California (the "Bank"), announced that Ernest Rady, the Chairman of the Board
and Chief Executive Officer of Westcorp and Chairman of the Board of the Bank
assumed the added duties and titles of President and Chief Operating Officer of
Westcorp and President and Chief Executive Officer of the Bank, effective
immediately, due to the resignation of Stephen W. Prough the then President and
Chief Operating Officer of Westcorp and President and Chief Executive Officer
of the Bank. Mr. Prough advised Westcorp on June 14, 1994 that he was
resigning from his offices and as a director of both Westcorp and the Bank,
effective June 15, 1994, to become the President and Chief Executive Officer
of Downey Savings and Loan Association.
ITEM 7: Financial Statements and Exhibits
a. List of documents filed as a part of this report
Exhibit 20. Westcorp News Release of June 14, 1994
WESTCORP
a California corporation
Dated: June 16, 1994
/s/ ERNEST S. RADY
__________________________
Ernest S. Rady
President
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NEWS RELEASE EXHIBIT 20
RELEASE DATE: June 14, 1994
CONTACT: Guy Du Bose
(714) 727-1684
(Letterhead)
WESTCORP ANNOUNCES THE APPOINTMENT OF A
NEW PRESIDENT AND CHIEF OPERATING OFFICER
Irvine, CA. Westcorp (NYSE:WES), the savings and loan holding company
parent of Western Financial Savings Bank, F.S.B., Irvine, California (the
"Bank"), announced today that Ernest Rady, the Chairman of the Board and Chief
Executive Officer of Westcorp and Chairman of the Board of the Bank will assume
the added duties and titles of President and Chief Operating Officer of Westcorp
and President and Chief Executive Officer of the Bank, effective immediately,
due to the resignation of Stephen W. Prough the current President and Chief
Operating Officer of Westcorp and President and Chief Executive Officer of the
Bank. Mr. Prough advised Westcorp today that he was resigning from his offices
and as a director of both Westcorp and the Bank, effective June 15, 1994, to
become the President and Chief Executive Officer of Downey Savings and Loan
Association.
Mr. Rady was one of the original founders of Westcorp, and has been
actively involved in all aspects of its business, including most recently as
Chairman of both Westcorp and the Bank. Westcorp and the Bank does not
anticipate that there will be any significant changes in the current business
activities or direction of Westcorp or the Bank in the near term.
Western Financial Savings Bank, F.S.B. operates 26 retail bank branches
throughout California, 17 mortgage banking offices and 8 automobile finance
centers in California, Arizona and Nevada. The Company also offers consumer
finance services through Westcorp Financial Services, a wholly-owned subsidiary
with 42 offices in California, Oregon, Nevada, Arizona and Texas.
(94-208)
Westcorp, 23 Pasteur, Irvine, California 92718-3804, Telephone: (714) 727-1000
