Directors of Westcorp Inc., the holding company...

Directors of Westcorp Inc., the holding company for Western Financial Savings Bank in Orange, approved the company’s first cash dividend. The 5-cents-per-share dividend will be paid on April 15 to shareholders of record March 31. Stephen W. Prough, president, said directors will review the dividend policy every 6 months. Westcorp, whose savings and loan subsidiary was formed by the merger of a thrift and loan and a savings and loan, became a public company in May, 1986.