Western Financial Savings Bank has formed a new subsidiary to focus on the middle-income market. The subsidiary, Westcorp Financial Services, will initially open six offices in Southern California through the first quarter of 1988.
According to Jonathan Moore, vice president of marketing and administration for Western Financial Savings Bank, the subsidiary was set up to compete with finance companies for the middle-income borrower, while Western Financial Savings' customers are typically in a higher income bracket.
Westcorp Financial Services will offer automobile and light-truck loans through dealers, as well as auto, personal, second trust deeds and home-improvement loans direct to consumers.
Western Financial Savings Bank is a subsidiary of Westcorp, a financial-services company in Orange.
The new subsidiary has a $66 million asset base. Plans call for it to expand statewide and through the West. The first office will open this month in Upland, a Western Financial Savings spokesman said.
Howard C. Reese, former vice president, operations, of Fireside Thrift & Loan, Redwood City, has been named president.