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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940
| o | Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
| 1. | Name and Address of Reporting Person* |
2. | Issuer Name and Ticker or Trading Symbol |
3. | I.R.S. Identification Number of Reporting Person, if an entity (Voluntary) |
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| American Assets, Inc. (Last) (First) (Middle) |
WESTCORP (WES) |
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| 11455 El Camino Real #200
(Street) |
4. | Statement for Month/Day/Year | 5. | If Amendment, Date of Original (Month/Day/Year) | ||||||||
| 02/24/03 |
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| San Diego, CA 92130-2045 |
6. | Relationship of Reporting Person(s) to Issuer (Check All Applicable) |
7. | Individual or Joint/Group Filing (Check Applicable Line) |
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(City) (State) (Zip) |
o | Director | x | 10% Owner | o | Form Filed by One Reporting Person | ||||||
| o | Officer (give title below) | x | Form Filed by More than One Reporting Person | |||||||||
| o | Other (specify below) | |||||||||||
| Reminder: | Report on a separate line for each class of securities beneficially owned directly or indirectly. | |
| * | If the form is filed by more than one reporting person, see instruction 4(b)(v). | |
| Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | |||||||||||||||||||||||
| 1. | Title of Security (Instr. 3) |
2. | Transaction Date (Month/Day/Year) |
2A. | Deemed Execution Date, if any (Month/Day/Year) |
3. | Transaction Code (Instr. 8) |
4. | Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) |
5. | Amount of Sec- urities Beneficially Owned Following Reported Trans- action(s) (Instr. 3 and 4) |
6. | Ownership Form: Direct (D) or Indirect (I) (Instr. 4) |
7. | Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | Amount | (A) or (D) |
Price | |||||||||||||||||||
| Common Stock | 02/24/03 | P | 2,800 | A | 19.00 | D | Corporation (1)(3) | ||||||||||||||||
| Common Stock | 02/24/03 | P | 100 | A | 18.95 | 18,166,568 | D | Corporation (1)(3) | |||||||||||||||
| 4,064,750 | I | Trust (1)(4) | |||||||||||||||||||||
| 273,432 | I | Trust (1)(5) | |||||||||||||||||||||
| 26,132 | I | Corporation (1)(6) | |||||||||||||||||||||
| 3,804,551 | I | Corporation (1)(7) | |||||||||||||||||||||
| 437,162 | I | Trust (2)(8) | |||||||||||||||||||||
| 26,585 | I | 401(K)(4) | |||||||||||||||||||||
| 44,097 | I | ESOP(4) | |||||||||||||||||||||
Page 2
| Table II — Derivative
Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) |
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| 1. | Title of Derivative Security (Instr. 3) |
2. | Conversion or Exercise Price of Derivative Security |
3. | Transaction Date (Month/Day/Year) |
3A. | Deemed Execution Date, if any (Month/Day/Year) |
4. | Transaction Code (Instr. 8) |
5. | Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) |
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| Code | V | (A) | (D) | ||||||||||||||
Page 3
| Table II — Derivative
Securities Acquired, Disposed of, or Beneficially Owned — Continued (e.g., puts, calls, warrants, options, convertible securities) |
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| 6. | Date Exercisable and Expiration Date (Month/Day/Year) |
7. | Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. | Price of Derivative Security (Instr. 5) |
9. | Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. | Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. | Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Date Exercisable |
Expiration Date |
Title | Amount or Number of Shares |
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Explanation of Responses:
(1) This filing is for the cumulative share holdings of an affiliated group as of February 24, 2003. The various entities named in this report are owned directly and indirectly through a series of affiliated companies which are owned or controlled by Ernest S. Rady (Chairman of the Board of Westcorp). The collective ownership of 26,843,277 shares of Common Stock of the issuer, represents 68% of the 39,201,959 outstanding shares of Common Stock of the issuer. Schedule A attached hereto and incorporated by this reference herein depicts the relationship among the various affiliated companies in the “Rady” group. There is no formal agreement to vote or dispose of the shares of the Issuer in a particular manner. The dispositive and voting power of each of the individuals and companies shown on Schedule B is made independent of the other, except to the extent that Mr. and Mrs. Rady may be shareholders, officers and/or directors of the various companies and in that respect are able to control disposition and voting of the shares of the Issuer owned by each such company.
(2) Reporting persons disclaim beneficial interest
(3) American Assets, Inc., (4)Ernest S. Rady Trust (5)Evelyn Shirley Rady Trust (6)Explorer Ins. Co. (7)Insurance Company of the West (8)DHM
| /s/ Susan Knox | 02/25/03 | |
**Signature of Reporting Person |
Date |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | |
| Note: | File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | |
Page 4
SCHEDULE A
HOLDING COMPANY STRUCTURE
WESTCORP
AS OF FEBRUARY 24, 2003
JOINT FILERS
| DESIGNATED FILER: | American Assets, Inc. | |
| STATEMENT FOR: | September 2002 and subsequent statements | |
| ISSUER: | Westcorp (WES) |
| 1. |
American Assets, Inc. 11455 El Camino Real, #200 San Diego, CA 92130-2045 |
7. | Avrett Enterprises, Ltd. 70 Arthur Street Winnipeg, Manitoba, Canada R3B 1G7 |
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| 2. |
Ernest S. Rady and Ernest S. Rady Trust 8144 Prestwick Drive La Jolla, CA 92037 |
8. | Canpac Enterprises, Ltd. 70 Arthur Street Winnipeg, Manitoba, Canada R3B 1G7 |
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| 3. |
Evelyn Shirley Rady and Evelyn Shirley Rady Trust 8144 Prestwick Drive La Jolla, CA 92037 |
9. | Insurance Company of the West 11455 El Camino Real, #200 San Diego, CA 92130-2045 |
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| 4. |
Western Financial Bank 15750 Alton Parkway Irvine, CA 92618 |
10. | Memrad Holdings, Ltd. 903-213 Notre Dame Avenue Winnipeg, Manitoba, Canada R3B 1N3 |
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| 5. |
Westcorp 23 Pasteur Road Irvine, CA 92618 |
11. | Silpit Industries Co., Ltd. 70 Arthur Street Winnipeg, Manitoba, Canada R3B 1G7 |
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| 6. |
Explorer Insurance Company 11455 El Camino Real, #200 San Diego, CA 92130-2045 |
12. | Western Insurance Holdings, Inc. 11455 El Camino Real, #200 San Diego, CA 92130-2045 |
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| 13. | DHM Trust, Ernest S. Rady, Trustee c/o American Assets 11455 El Camino Real, #200 San Diego, CA 92130-2045 |