Westcorp Doubles Dividend to 10 Cents
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Westcorp Inc., an Irvine financial-services company, said Thursday that its board has approved a doubling of its quarterly cash dividend to 10 cents a share and that the company will provide additional stock rights to shareholders.
The operator of Western Financial Bank and auto-financing firm WFS Financial Inc. said the dividend will be payable July 17 to shareholders of record as of July 3.
Westcorp said it will also distribute stock subscription rights to shareholders as of a record date expected to be May 25. Shareholders will receive one right for each share held, and every five shares held entitle holders to buy one share of Westcorp stock at a discount.
Westcorp expects the rights to expire June 15.
Its chairman, Ernest S. Rady, who owns a 66% stake in Westcorp, will exercise his rights, the company said.
Westcorp shares closed Thursday at $13.75 a share, up 6 cents on the New York Stock Exchange.
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