<PAGE> 1
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: APRIL 09, 1999
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)
(949) 727-1000
(Registrant's telephone number, including area code)
<PAGE> 2
ITEM 5: Other Events
a. List of documents filed as a part of this report
Exhibit 99.1. Westcorp News Release of March 29, 1999
WESTCORP
a California Corporation
Dated: April 9, 1999 /s/ Lee A. Whatcott
-----------------------------
Lee A. Whatcott
Senior Vice President
(Principal Financial and
Accounting Officer) and
Chief Financial Officer
<PAGE> 1
EXHIBIT 99.1
March 29, 1999
Joy Schaefer
President
Westcorp
(949)727-1000
Cecilia A. Wilkinson
Pondel Parson & Wilkinson
(310) 207-9300
WESTCORP ANNOUNCES PROMOTIONS OF EXECUTIVE OFFICERS
Irvine, CA: Westcorp (NYSE: WES), the financial services holding company whose
principal subsidiaries are WFS Financial (Nasdaq: WFSI; www.wfsfinancial.com)
and Western Financial Bank (www.wfb.com) today announced three executive
promotions, including the appointment of Joy Schaefer to the position of
President of Westcorp. Schaefer will continue to serve in the roles of Chief
Operating Officer of Westcorp, Vice Chairman, Chief Executive Officer of WFS
Financial, and Chief Operating Officer of Western Financial Bank.
In addition, the Company announced that James E. Tecca, former Executive Vice
President and head of the Commercial Banking Group, was promoted to the position
of President of Western Financial Bank. Thomas Wolfe, former Executive Vice
President and National Production Manager of WFS, was promoted to President and
Chief Operating Officer of WFS. Ernest S. Rady will continue to serve as Chief
Executive Officer of both Westcorp and Western Financial Bank.
"These promotions are a part of the company's strategy to build an executive
management team that will focus on their areas of expertise while ensuring that
the overall corporate entity retains a single strategic focus", said Rady.
"Joy's promotion to President of Westcorp is both an acknowledgment of what she
accomplished last year in turning around WFS as well as an endorsement of her
leadership for the future."
<PAGE> 2
Ms. Schaefer, 39, joined Westcorp in 1989 as Treasurer and served as Chief
Financial Officer until her appointment as Chief Operating Officer in 1995.
Schaefer has been Vice Chairman of WFS Financial since 1995, President of WFS
Financial since 1996 and Chief Executive Officer since 1997. She has also held
the positions of Senior Executive Vice President and Chief Operating Officer of
Westcorp since 1994 and Chief Operating Officer of Western Financial Bank since
1995.
Mr. Tecca, 55, has been Executive Vice President and head of the Commercial
Banking Division since 1996. Mr. Tecca has over 30 years of banking experience
in California, specializing in corporate and retail banking clients. Prior to
joining the Bank, he was Senior Vice President with Bank of America for 20
years. In addition, Mr. Tecca was Chief Operating Officer with Bay View Federal
Bank in San Francisco and President and Chief Executive Officer of Girard
Savings Bank in San Diego.
"Jim brings a wealth of experience to the Bank as we continue to focus on
expanding our commercial and retail banking operations. These changes are an
important step in ensuring that our family of companies are positioned to
compete effectively in each of our major lines of business - Automobile
Financing, Community Banking and Mortgage Banking", commented Schaefer.
Mr. Wolfe, 39, served as Executive Vice President and National Production
Manager of WFS Financial since 1998. Prior to joining WFS, he held the position
of National Production Manager at Key Auto Finance, where he oversaw the
production of the indirect auto finance business, which included prime,
sub-prime, commercial lending, and leasing. Wolfe has been in the auto finance
and consumer credit industry since 1982. He previously held positions with
Citibank and GMAC.
"Tom's expertise in the auto finance industry will help WFS continue to realize
the growth potential in last year's restructuring and also help open up new
products and delivery channels to further enhance the company's growth", said
Schaefer.
Westcorp, through its subsidiary, Western Financial Bank, originates mortgage
loans nationwide through 3 regional operations centers, operates 25 retail bank
branches throughout California, and provides commercial banking services in
southern California. WFS Financial is a nationwide automobile finance company
specializing in the purchase, securitization, and service of prime and non-prime
credit quality automobile contracts.
