First California Buys Palm Desert Bank Electronic Payment Division

First California Financial Group, parent of First California Bank, now owns the Electronic Payment Solutions division of Palm Desert National Bank, for $5.5 million in cash. Included in the transaction were Palm Desert’s customer base, core deposits, and employees. When last reported at the end of December, deposits were around $74 million, and revenues $3.3 million. by the closing date, deposits had increased by $17 million to $91 million.

The division with its new name, Electronic Payment Services, is a leader in the electronic payment industry with a history of successful stored value prepaid card programs and merchant acquiring programs.

First California Bank issues prepaid cards and sponsors merchant acquiring services for all national and regional networks, including Visa, MasterCard and Discover throughout all 50 states and territories.

Keeping his job and his old team in the new company, is Jim Tingey, Executive Vice President and Division President. They will remain in Palm Desert, California.