Westcorp Inc.: The Irvine parent company of...

Westcorp Inc.: The Irvine parent company of Western Financial Savings Bank reported net income of $6.6 million, or 27 cents a share, for the first quarter, up 69% from the $3.9 million, or 16 cents a share, posted for the like quarter a year ago. Total assets as of March 31 were $2.9 billion, 38% higher than the $2.1 billion recorded a year ago. Westcorp also said Wednesday that it has received approval to merge its Westcorp Financial Services Inc. subsidiary with its bank unit’s auto finance division, creating a single auto lending unit. The merger will take effect May 1, and the combined business will operate as WFS Financial.