| Business Summary | | Westcorp
is
a
diversified
financial
services
company
that
provides
automobile
lending
services
through
its
second
tier
subsidiary,
WFS
Financial
Inc.
(WFS),
and
retail
and
commercial
banking
services
through
its
wholly
owned
subsidiary,
Western
Financial
Bank.
The
Company
originates,
services
and
secures
new
and
pre-owned
automobile
installment
contracts,
which
are
generated
through
its
relationships
with
over
8,500
franchised
and
independent
automobile
dealers
in
42
states.
The
Company's
subsidiary,
Western
Financial
Bank,
focuses
on
generating
diverse,
low-cost
funds
to
provide
the
liquidity
needed
to
fund
automobile
contracts
while
retaining
its
status
as
a
qualified
thrift
lender
under
applicable
federal
regulations. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Westcorp
is
a
financial
services
holding
company
providing
automobile
lending
through
WFS
Financial,
and
community
and
mortgage
banking
through
Western
Financial
Bank.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
98%
to
$448.3
million.
Net
interest
income
after
loan
loss
prov.
rose
63%
to
$135.6
million.
Net
income
before
extraordinary
item
fell
7%
to
$34.6
million.
Results
reflect
higher
average
loan
balances,
offset
by
lower
automobile
lending
income. | More
from
Market Guide: Significant
Developments |
| | | | FY1999
Compensation | | Pay | Exer | |
| Ernest Rady, 62 Chairman,
CEO | $663K | $77K | Joy Schaefer, 40 Pres
and COO of the Company and CEO and Vice Chairman of the Bank | 607K | 21K | Lee Whatcott, 40 CFO,
Exec. VP of the Company and Sr. Exec. VP & CFO of th | 407K | 28K | Donna Lesch, 40 Sr.
VP of Human Performance | -- | -- | Thomas Wolfe, 40 Sr.
VP of the Company and Pres and COO of the Bank | 492K | -- | Dollar amounts are as of 31-Dec-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|