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Advanta Corp., formerly one of the nation's largest issuers of MasterCard and some Visa credit cards to small businesses and professionals (through Advanta Bank Corp.), is getting out of the credit card business for now. Advanta announced it would no longer accept charges on its cards starting in June 2009, affecting more than 1 million accounts. The bank will continue to offer deposit products and online banking, but said it plans to wait out the recession before reevaluating its credit card business. Its customers were told to continue paying on their balances as scheduled, but that they could not access any additional credit. Advanta filed for Chapter 11 bankruptcy protection in November 2009.
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| | | Contact Information | |
Address: |
Welsh and McKean Roads
Spring House, PA 19477-0844
| | Phone: | 215-657-4000 | | Fax: | 215-444-6121 |
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| Financial
Highlights | | Fiscal Year End: | December | | Revenue (2008): | 369.30 M | | Revenue Growth (1 yr): | (-20.20%) | | Employees (2008): | 841 | | Employee Growth (1 yr): | (-8.00%) |
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Key People
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Chairman and CEO:
Dennis Alter
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Vice Chairman and President:
William A. (Bill) Rosoff
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SVP, CFO, and Principal Accounting Officer:
Philip M. (Phil) Browne
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