Fueled by consumer financing and a $110-million bond offering, Westcorp, the holding company for Western Financial Savings Bank in Orange, posted a record third-quarter net income of $3.1 million, up 35.6% from last year's $2.2 million.
The company also reported record net earnings of $8.8 million for the first nine months, up 49.5% from last year's nine-month figure of $5.9 million.
The savings bank, which accounts for nearly all of the company's financial figures, reported $972 million in assets on Sept. 30, a 64% increase from the year-earlier total of $592 million. Stephen W. Prough, Western Financial's president, said the institution's assets topped the $1-billion mark early this month.
The savings bank has been one of the few S&Ls nationwide that has been permitted by the Federal Home Loan Bank Board to increase its assets by more than 25% a year.