Ernest S Rady
 

OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden
hours per response...0.5


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)
  Rady, Ernest S.
(Last) (First) (Middle)		   Westcorp (WES)
  
     
  c/o American Assets, Inc.
11455 El Camino Real #200
(Street)		 4. Statement for Month/Day/Year 5. If Amendment, Date of Original (Month/Day/Year)
    02/20/03
  
     
    6. Relationship of Reporting Person(s)
to Issuer (Check All Applicable)		 7. Individual or Joint/Group Filing
(Check Applicable Line)
  San Diego CA 92130-2045
(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)
              Code V   Amount (A)
or
(D)		 Price          
  Common Stock                   18,163,668     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)
                    437,163     I   Trust (2)(8)
                    26,001     I   401k (4)
                    43,843     I   ESOP (4)
                         
                         

Page 2

 
Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
  (e.g., puts, calls, warrants, options, convertible securities)
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)
                      Code V   (A) (D)
  Employee Stock Option (right to buy)     $18.78     02/20/03     A   40,000
               
               
               
               
               
               
               
               
               

Page 3

 
Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)
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)
  Date
Exercisable		 Expiration
Date		   Title Amount or
Number of
Shares		                        
  02/20/04 (4)   Common Stock 40,000           40,000     D  
                   
                   
                   
                   
                   
                   
                   
                   
                   

Explanation of Responses:

(1) - This filing is for the cumulative share holdings of an affiliated group as of July 31, 2002. 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 26,839,540 shares of Common Stock of the issuer, represents 68% of the 39,191,539 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 is 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 company.

(2) - Reporting persons disclaim beneficial interest.

(3) - American Assets, Inc. (4) Ernest S. Rady Trust (5) Evelyn Rady Trust (6) Explorer Ins. Co. (7) Insurance Company of the West (8) DHM

(4) - The option vests in three equal annual installments beginning on February 20, 2003

By:   /s/ Susan Knox   02/24/03
**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
JULY
2002

(Company Structure FlowChart)

 

 

JOINT FILERS

     
DESIGNATED FILER:   American Assets, Inc.
STATEMENT FOR:   September 2002 and subsequent statements
ISSUER:   Westcorp (WES)
                 
1.   American Assets, Inc.     7.     Avrett Enterprises, Ltd.
    11455 El Camino Real, #200           70 Arthur Street
    San Diego, CA 92130-2045           Winnipeg, Manitoba, Canada R3B 1G7
                 
2.   Ernest S. Rady and Ernest S. Rady     8.     Canpac Enterprises, Ltd.
    Trust           70 Arthur Street
    8144 Prestwick Drive           Winnipeg, Manitoba, Canada R3B 1G7
    La Jolla, CA 92037            
                 
3.   Evelyn Shirley Rady and Evelyn     9.     Insurance Company of the West
    Shirley Rady Trust           11455 El Camino Real, #200
    8144 Prestwick Drive           San Diego, CA 92130-2045
    La Jolla, CA 92037            
                 
4.   Western Financial Bank     10.     Memrad Holdings, Ltd.
    15750 Alton Parkway           903-213 Notre Dame Avenue
    Irvine, CA 92618           Winnipeg, Manitoba, Canada R3B 1N3
                 
5.   Westcorp     11.     Silpit Industries Co., Ltd.
    23 Pasteur Road           70 Arthur Street
    Irvine, CA 92618           Winnipeg, Manitoba, Canada R3B 1G7
                 
6.   Explorer Insurance Company     12.     Western Insurance Holdings, Inc.
    11455 El Camino Real, #200           11455 El Camino Real, #200
    San Diego, CA 92130-2045           San Diego, CA 92130-2045
                 
          13.     DHM Trust, Ernest S. Rady, Trustee
                c/o American Assets
                11455 El Camino Real, #200
                San Diego, CA 92130-2045