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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: MARCH 24, 1998
WESTCORP
(Exact name of registrant as specified in its charter)
California 33-13646 51-0308535
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
23 Pasteur, Irvine, California 92618-3816
(Address of principal executive offices) (Zip Code)
(714) 727-1000
(Registrant's telephone number, including area code)
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ITEM 5: Other Events
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a. List of documents filed as a part of this report
Exhibit 99.1 Westcorp News Release of March 23, 1998
WESTCORP
a California corporation
Dated: March 24, 1998
/s/ LEE A. WHATCOTT
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Lee A. Whatcott
Senior Vice President (Principal
Financial and Accounting Officer) and
Chief Financial Officer
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EXHIBIT 99.1
RELEASE DATE: March 23, 1998
CONTACT: Harriet B. Feller
WESTCORP ANNOUNCES THE APPOINTMENT OF A NEW PRESIDENT AND CHIEF EXECUTIVE
OFFICER AT WESTERN FINANCIAL BANK.
Irvine, CA Westcorp (NYSE:WES), the financial services holding company whose
principal subsidiaries are Western Financial Bank (the "Bank"), and WFS
Financial Inc (NASDAQ:WFSI), announced today that Ernest Rady, the Chairman of
the Board, President 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 Executive Officer of the Bank, effective immediately, due to the
departure of Donald H. Kasle, the current President and Chief Executive Officer
of the Bank from the Bank and its Board of Directors, effective March 23, 1998.
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
Westcorp, the Bank and WFSI. Westcorp and the Bank do 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 Bank is a diversified financial services company providing a
wide array of products and services, including mortgage and commercial banking.
The Bank has offices in eight states, including 26 retail banking offices in
California. At December 31, 1997, the Bank serviced $6.4 billion of mortgage
loans.
WFSI is an indirect automobile finance company specializing in the purchase,
securitization and servicing of prime and non-prime credit quality contracts.
WFSI currently purchases contracts in California and 39 other states.
