Wachovia Corp.’s $4 billion acquisition of Irvine-based Westcorp Inc. and affiliate WFS Financial Inc. moved a step closer after the nation’s bank regulatory agency approved the deal, the companies said Monday.
Last year, Charlotte, N.C.-based Wachovia agreed to buy Westcorp and its offshoot WFS Financial to expand its auto lending operations and jump into the California banking market.
The Office of the Comptroller of the Currency approved the conversion of Western Financial Bank from a chartered thrift to a commercial bank on Feb. 13, the companies said Monday.
Regulators also OK’d the banks’ acquisition by Wachovia, which is a commercial bank.
Wachovia is set to change the Westcorp and WFS Financial name to its own when the deal closes as expected in the first quarter, the companies said.
Westcorp and WFS Financial shareholders approved the Wachovia offer in early January.
The companies now are waiting for the Department of Justice’s 15-day waiting period to end before the deal closes. They also said they are finalizing some closing details.