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Westcorp Announces $1.75 Billion Securitization Transaction

May 21, 2002

Westcorp, a financial services holding company whose principal subsidiaries are WFS Financial and Western Financial Bank, announced May 21 the pricing of a $1.75 billion offering of automobile receivable asset-backed securities.

The offering was lead managed by Deutsche Bank Securities and co-managed by Banc of America Securities LLC, Credit Suisse First Boston, and Salomon Smith Barney. This offering is expected to close on May 30, 2002.

Westcorp and its affiliates is the largest non-captive issuer of automobile asset-backed securities in the United States having issued a total of $26.2 billion of such securities in 55 transactions to date.

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. Information about Westcorp can be found at its Web site at www.westcorpinc.com.

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 www.wfsfinancial.com.

Westcorp, through its subsidiary, Western Financial Bank, operates 24 retail bank branches throughout California 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 www.wfb.com.

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