ORANGE COUNTY

Wespac Financial Corp., Newport Beach, said Friday it has paid back investors the $5.25 million that two of the company’s trust accounts lost through government securities transactions in 1984.

Losses included $3.75 million in principal and $1.5 million in interest. As sponsor of the two trusts--Wespac Investors Trusts II and III--Wespac Financial Corp. contributed $3.75 million in cash in January, 1985. Also, at the request of the trusts, Wespac committed two irrevocable letters of credit worth $1.5 million, which can be drawn by the trusts until Dec. 31, 1985.

Dorren Beckham, Wespac’s marketing coordinator, also said Friday that in mid-April, the company will open a new trust program, Wespac IV. Shares in Wespac IV will cost $10 each, with minimum investments of $1,000, she said.

Wespac has refused to identify the brokerage from which the two money-losing trusts were purchased. Beckham said Wespac was not immediately informed of the losses by the brokerage, but it had “immediately terminated� investments with the firm when the losses were discovered last year.

Luther Medical Products Inc., Santa Ana, has agreed to test a new catheter material produced by an unidentified research company. Luther, which markets catheters using a patented insertion technology, said the new material under development would provide it with technology needed to enter a broader sales market.

Luther said projections of the financial impact of the agreement will not be available until the company completes its evaluation.

Covington Technologies, a Fullerton maker of pre-fabricated housing, will be one of the 99 companies added to the National Market System of the National Assn. of Securities Dealers, beginning Tuesday. The National Market System offers up-to-the-minute reports of trading in certain over-the-counter shares.