First California Financial Group’s foray into the prepaid debit card market is a potentially lucrative moneymaker for the banking firm, but also a step into a riskier, increasingly regulated business.
Westlake Village-based First California Financial Group said Dec. 30 that it will buy the electronic banking division of Palm Desert-based Palm Desert National Bank, allowing it to move into the prepaid debit card market. Terms of the deal were not disclosed.