Given the OTS action against Meta, Program Managers have been scrambling to find additional BIN sponsors. So while the demand for BIN sponsorship exceeds availability, it took longer than expected for Palm Desert to find a buyer for its prepaid portfolio. The wait is over however, as “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.”
It is unclear whether any (or all) of these prepaid card programs will transfer to First California as a result of the sale. According to a press release by First California, 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.
Read related article:
http://www.getdebit.com/debit-news/palm-desert-national-bank-inks-deal-to-sell-division/
