First California Announces New Customer for Its EPS Division
07 3월 2012 - 10:00PM
Marketwired
First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today announced that its
Electronic Payments Services (EPS) division has been awarded a
five-year contract with Santa Barbara Tax Products Group (TPG).
Under the contract, EPS has developed an ACH electronic tax
refund transfer program aligned with a prepaid card program. Unlike
refund anticipation loans where the amount received may differ from
the refund amount, EPS's refund transfer program provides TPG
customers access to their tax refund amount quickly and easily,
while avoiding check-cashing fees.
"This contract award helps position First California Bank as one
of the leading providers of Refund Transfers," said Ron Santarosa,
chief operating officer and chief financial officer of First
California Financial Group. "Our EPS division has performed
extremely well since we acquired the business in April 2011. This
new relationship and others EPS is formulating will double revenues
for the division without adding significant expenses."
"TPG is the largest preparer of Refund Transfers in the U.S.,
with more than a 40 percent market share," said Jim Tingey,
president of the EPS division. "Over the course of the contract, we
expect TPG to generate in excess of three million tax return refund
transactions. This collaboration allows TPG to diversify its
banking relationships, help grow its business, and through the
Diamond Plus Prepaid Card provide added convenience for TPG's tax
return preparers and customers."
"As we are well into the 2012 tax season, First California Bank
has proven its reputation is well deserved as an emerging leader in
Southern California banking," said Rich Turner, chief executive
officer of the Santa Barbara Tax Products Group. "This relationship
was instrumental in helping Santa Barbara Tax Products Group expand
its servicing capacity, preserve business continuity and launch the
Diamond Plus Prepaid Card product."
About Santa Barbara Tax Products Group
(TPG) Santa Barbara Tax Products Group (TPG) was founded in
2010 upon purchasing the Tax Products Division of Santa Barbara
Bank & Trust. TPG offers quality financial products to the
e-file industry that satisfy consumers' needs, are priced fairly
and provide true value. TPG is investing in long term relationships
by providing tax professionals with a program to help retain and
grow business for years to come.
About First California First California
Financial Group, Inc. (NASDAQ: FCAL) is the holding company of
First California Bank. Founded in 1979 and with nearly $2 billion
in assets, First California serves the comprehensive financial
needs of small- and middle-sized businesses and high net worth
individuals throughout Southern California. Led by an experienced
team of bankers, First California is committed to providing the
best client service available in its markets, offering a full line
of quality commercial banking products through 19 full-service
branch offices in Los Angeles, Orange, Riverside, San Bernardino,
San Diego, San Luis Obispo and Ventura counties. The holding
company's website can be accessed at www.fcalgroup.com. For
additional information on First California Bank's products and
services, visit www.fcbank.com.
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 level of business volumes, the monitoring
of and management of risks in First California's loan portfolio,
the adequacy of sources of liquidity to support First California's
operations and strategic plans, the monitoring of and response to
changing market conditions, and the status of the economy in the
Southern California communities served by First California. 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, 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, changes in the bank regulatory
environment, 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, First California's level of small business
lending, 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.
For further Information: At the Company: Ron Santarosa
805-322-9333 At PondelWilkinson: Robert Jaffe 310-279-5969
Corporate Headquarters Address: 3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
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