Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RADY ERNEST S
   2. Issuer Name and Ticker or Trading Symbol
WESTCORP /CA/ [WES] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O AMERICAN ASSETS, INC., 11455 EL CAMINO REAL #200		 3. Date of Earliest Transaction (Month/Day/Year)
02/21/2006
(Street)

SAN DIEGO, CA 92130-2045		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 Securities Beneficially Owned Following Reported Transaction(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 02/17/2006   M   40,000 A $ 13.25 4,377,169 (4) D  
Common Stock 02/17/2006   M   40,000 A $ 17.32 4,417,169 (4) D  
Common Stock 02/17/2006   M   40,000 A $ 18.3 4,457,169 (4) D  
Common Stock 02/17/2006   M   40,000 A $ 18.78 4,497,169 (4) D  
Common Stock 02/17/2006   M   26,667 A $ 42.19 4,523,836 (4) D  
Common Stock               18,806,168 (3) D  
Common Stock               288,432 (5) D  
Common Stock               482,162 (6) D  
Common Stock               3,804,551 (7) D  
Common Stock               26,132 (8) D  
Common Stock               28,007,531 (9) I See Footnotes (1) (2) (10)

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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)		 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options - Right to Buy $ 13.25 02/21/2006   M     40,000   (11) 02/22/2000 Common Stock 40,000 $ 13.25 0 D  
Employee Stock Options - Right to Buy $ 17.32 02/17/2006   M     40,000   (12) 02/22/2008 Common Stock 40,000 $ 17.32 0 D  
Employee Stock Options - Right to Buy $ 18.3 02/17/2006   M     40,000   (13) 02/15/2009 Common Stock 40,000 $ 18.3 0 D  
Employee Stock Options - Right to Buy $ 18.78 02/17/2006   M     40,000   (14) 02/20/2008 Common Stock 10,000 $ 18.78 0 D  
Employee Stock Options - Right to Buy $ 42.19 02/17/2006   M     26,667   (15) 02/18/2009 Common Stock 26,667 $ 42.19 13,333 (16) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RADY ERNEST S
C/O AMERICAN ASSETS, INC.
11455 EL CAMINO REAL #200
SAN DIEGO, CA 92130-2045		   X   X    

Signatures

 Ernest Rady   02/23/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The number of Securities of the Issuer reported represents the cumulative holdings as of January 11, 2006. This group is comprised of affiliated companies and trusts that are ownd or controlled by Ernest S. Rady, the Chairman of the Board of the Issuer. Schedule A, attached hereto and incorporated herein by this reference, depicts the relationship among the various members of the affiliated group. The percentages reported on Schedule A for each entity holding Securities of the Issuer are based on 52,426,011 shares of Common Stock outstanding as of December 31, 2005, as reported by the transfer agent (continued to Footnote 2)
(2) There is no formal agreement to vote or dispose of the Securities of the Issuer in a particular manner. The dispositive and voting powers of each entity identified on Schedule A are made independent of the others, except to the extent that Ernest and Evelyn Rady may be trustees, shareholders, officers and/or directors of the various entities and, in that respect, are able to control the disposition and voting of the Securities of the issuer owned by each member of the affiliated group.
(3) American Assets, Inc.
(4) Ernest S. Rady Trust - The shares acquired upon the exercise by Ernest S. Rady of stock options held by him are issued at his direction to the Ernest S. Rady Trust, as to which Mr. Rady is the sole Trustee.
(5) Evelyn Shirley Rady Trust
(6) DHM Trust
(7) Insurance Company of the West
(8) Explorer Insurance Company
(9) Ernest S. Rady
(10) Includes 46,700 shares indirectly owned by Ernest Rady in the Westcorp Employee Stock Ownership Plan and 29,550 shares owned indirectly by Ernest Rady in the Westcorp Salary Savings (401K) Plan as of .
(11) 10,000 vested 2/22/2001; 10,000 vested 2/22/2002; 10,000 vested 2/22/2003 and 10,000 vested 2/22/2004
(12) 10,000 vested 2/22/2002; 10,000 vested 2/22/2003; 10,000 vested 2/22/2004 and 10,000 vested 2/22/2005
(13) 10,000 vested 2/15/2003; 10,000 vested 2/15/2004; 10,000 vested 2/15/2005 and 10,000 vested 2/22/2006
(14) 13,334 vested 2/20/2004; 13,333 vested 2/20/2005 and 13,333 vested 2/20/2005
(15) 13,334 vested 2/18/2005 and 13,333 vested 2/18/2006
(16) 13,333 will vest 2/18/2007

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