First California Financial Group Inc. on Thursday said that its First California Bank has agreed to acquire the electronic banking division of Palm Desert National Bank for an undisclosed amount.

The unit that Palm Desert National is selling to the Westlake Village bank holding company offers sponsored prepaid debit cards and merchant payment services nationwide. The business now produces about $3 million in annual revenue. The deal is expected to close in the first quarter of next year.

“This acquisition expands our product offering and enables First California to enter the prepaid debit card market,” Chief Executive C. G. Kum said in a statement. “We believe the prepaid card business provides new revenue streams at attractive margins and complements our growth strategy.”

First California Financial said that its bank will assume about $55 million of core deposits related to the EBS division at the close. James Tingey, Palm Desert National’s executive vice president in charge of the division, will retain his title at First California.

First California has assets of $1.6 billion and 18 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.

The deal was announced just before the markets closed, and shares rose 10 cents, or 3.6 percent, to $2.85 on the Nasdaq.