Business & Finance
Business and Finance
Business and Finance
Mon, April 11, 2011 First California Completes Acquisition of Electronic Payment Services Division of Palm Desert National Bank
WESTLAKE VILLAGE, CA--(Marketwire - April 11, 2011) - First California Financial Group, Inc. (
The transaction includes the division's customer base, core deposits, and employees. At December 31, 2010, deposits were approximately $74 million and revenues for that year were $3.3 million. At the closing date, deposits were approximately $91 million. First California paid cash consideration of $5.5 million.
The Electronic Payment Services (EPS) division, its new name under First California Bank, 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 the contiguous US territories. Jim Tingey, Executive Vice President and Division President, will continue to manage this division along with his team based in Palm Desert, California. Jim brings more than 25 years of executive management experience as well as a distinguished career in law enforcement.
About First California
First California Financial Group, Inc. (
Forward-Looking Information
This press release contains certain forward-looking information about First California that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the expected revenue, expenses, margins and growth potential of the acquired business. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First California. First California cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, regulations and laws related to the acquired business, revenues are lower than expected, credit quality deterioration which could cause an increase in the provision for credit losses, First California's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, changes in consumer spending, borrowing and savings habits, technological changes, the cost of additional capital is more than expected, a change in the interest rate environment reduces interest margins, asset/liability repricing risks and liquidity risks, general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which First California does or anticipates doing business are less favorable than expected, a slowdown in construction activity, recent volatility in the credit or equity markets and its effect on the general economy, loan delinquency rates, the ability of First California to retain customers, demographic changes, demand for the products or services of First California as well as their ability to attract and retain qualified people, competition with other banks and financial institutions, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First California's results could differ materially from those expressed in, or implied or projected by such forward-looking statements. First California assumes no obligation to update such forward-looking statements. For a more complete discussion of risks and uncertainties, investors and security holders are urged to read the section titled "Risk Factors" in First California's Annual Report on Form 10-K and any other reports filed by it with the Securities and Exchange Commission ("SEC"). The documents filed by First California with the SEC may be obtained at the SEC's website at [ www.sec.gov ]. These documents may also be obtained free of charge from First California by directing a request to: First California Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361. Attention: Investor Relations. Telephone (805) 322-9655.
