Westcorp subsidiary Western Financial calls 8 7/8% debentures

Pittsburgh, June 30 - Westcorp's wholly owned subsidiary Western Financial Bank will redeem the outstanding balance of its $150 million 8 7/8 % subordinated debentures due 2007 at par plus accrued interest, according to a company news release.

The redemption date is Aug. 1.

"By redeeming these debentures at the call date we're able to maximize the value of these debentures for regulatory capital purposes, while at the same time minimize the interest costs of such notes," Westcorp president Tom Wolfe said in the release. "After the redemption of these debentures, we expect to continue to exceed our total risk-based capital requirements and don't expect to replace these debentures."

Westcorp is an Irvine, Calif., financial services company.

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