Mergers & Acquisitions
Sep. 22, 2005
Wachovia Acquires Westcorp for $3.42 Billion
LOS ANGELES - Wachovia Corp. has snapped up Westcorp, the state's biggest provider of loans to used-car buyers, for $3.42 billion. The purchase of Irvine-based Westcorp will give Wachovia, the fourth-largest U.S. bank, a foothold in the state's retail branch-banking market and mark its entry into the nonprime auto loan market - capital provided to less-creditworthy borrowers buying new and used cars.
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