Westcorp Blames Profit Slide on Real Estate Slump

Westcorp, the Irvine-based holding company for Western Financial Savings Bank, posted a profit of $3.2 million, or 18 cents a share, for the second quarter. That compared to earnings of $4.2 million, or 24 cents a share, for the same period a year earlier. For the first half, the company reported earnings of $6.2 million, or 35 cents a share, down from a profit of $10 million, or 57 cents a share, a year earlier. The company blamed the earnings decline on a sluggish real estate market and economic slowdown. Assets as of June 30 were $2.4 billion.