First California to Acquire Division of Palm Desert National Bank

First California Financial Group, Inc. FCAL, the holding company of First California Bank, today announced that First California Bank has entered into a definitive purchase agreement to acquire the Electronic Banking Solutions (EBS) division of Palm Desert National Bank. Terms were not disclosed. As part of the purchase, First California will acquire Palm Desert National Bank's EBS product and service offering and related back office operations, as well as the customer base that currently produces approximately $3 million in annual revenues from EBS products and services. First California will also assume approximately $55 million of core deposits related to the EBS division at the close of the transaction.