First California Financial Group Inc. in Westlake Village has agreed to buy an electronic banking solutions group from Palm Desert National Bank.
The companies did not disclose a price. The division generates $3 million in revenue a year. First California would also gain about $55 million in deposits from the transaction, which is expected to close this quarter.
"This acquisition expands our product offering and enables First California to enter the prepaid debit card market," C.G. Kum, First California's president and chief executive, said in a Dec. 30 press release.