Westcorp and WFS Financial Shareholders Approve Mergers with Wachovia

Westcorp today announced that at the special meeting for Westcorp shareholders, the shareholders approved the Agreement and Plan of Merger, as amended and restated, dated as of September 12, 2005 (the “Merger Agreement”), among Wachovia Corporation, Westcorp, Western Financial Bank and WFS Financial Inc, and the merger of Westcorp with and into Wachovia, with Wachovia as the surviving corporation. Over 99% of the votes cast at the special meeting were voted in favor of approving the Merger Agreement and the Westcorp merger.

In addition, WFS Financial Inc., today announced that at the special meeting for WFS Financial shareholders, the shareholders approved the Merger Agreement, and the acquisition of WFS Financial by Wachovia through the merger of WFS Financial with a newly formed subsidiary, with WFS Financial as the surviving corporation. Over 99% of the votes cast at the special meeting (excluding votes associated with shares held by Westcorp and its affiliates) were voted in favor of approving the Merger Agreement and the WFS Financial merger.

Each company also announced that the Federal Trade Commission granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, effective as of January 3, 2006. The transactions are expected to close in the first quarter of 2006, subject to the receipt of certain regulatory approvals.