IRVINE, Calif. -- Westcorp Inc.'s Western Financial Savings Bank unit received approval from the Office of Thrift Supervision to include the 8.5% subordinated capital debentures due 2003, and issued on June 24, in its total capital.
The bank said it would redeem on Sept. 10 all $52 million of its previously issued 11% subordinated capital debentures due in 1999.
The bank said that its capital position would end up as 7.48% for tangible capital, 7.48% for core capital, and 16.18% for risk-based capital.
