Westcorp: The Irvine bank holding company reported...
Westcorp: The Irvine bank holding company reported a profit of $31.8 million, or $1.21 per share, for 1996, down slightly from $33.4 million, or $1.29 per share, a year earlier. The performance was affected by a one-time charge of $11.6 million in the third quarter to recapitalize a federal deposit insurance fund. Revenue for the year rose 29% to $423.6 million from $327.7 million.
For the fourth quarter, Westcorp posted a $7.8-million profit, or 30 cents a share, down 19.6% from $9.7 million, or 37 cents a share, a year earlier. Revenue totaled $111.4 million, up 19.4% from $93.3 million.
The company said its profits were affected by a significant increase in expenses for salaries and benefits that resulted from a yearlong expansion drive. Westcorp reported $3.3 billion in assets at the end of the year, up from $3.2 billion at the end of 1995.
Westcorp’s principal subsidiaries are Western Financial Bank and WFS Financial Inc., which finances automobile loans.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
