WFS Financial to Offer Common Shares

WFS Financial Inc., an Irvine automobile financing company, filed documents Friday with the Securities and Exchange Commission to offer 2 million common shares. Proceeds will be used to finance its growth in automobile contracts purchased and for general purposes. WFS said it has requested that underwriters reserve, at the public offering price, a yet-to-be-disclosed amount of shares to be sold to Western Financial Bank unit. The bank, owned by Westcorp Inc., has expressed a nonbinding interest in obtaining the shares to maintain at least an 80% ownership interest in WFS. After the offering, the bank would own about 81% of the company’s common shares or 80% if the over-allotment option is exercised in full. All three companies are controlled by founder Ernest S. Rady.