Westcorp Offering Set at $10.50 a Share

Westcorp Inc., an Irvine financial services holding company for WFS Financial Inc. and Western Financial Bank, said Wednesday that directors set the price for a previously announced rights offering at $10.50 a share.

Holders of common stock as of the close of business today, the record date, will receive one basic subscription right per share. They will be entitled to purchase one share of Westcorp stock for every five rights.

The company also said that the Securities and Exchange Commission has declared the rights offering effective.