Advanta Corp. · Spring House, PA United States ·(NASDAQ (GS): ADVNB)
Company Description
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This link will open in a new window 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. CEO (and son of founder Jack Alter) Dennis Alter controls 11% of Advanta. To read the full description, subscribe now.
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Key Advanta Corp. Financials
| Company Type | Public - NASDAQ (GS): ADVNB Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $369.3 |
| 2008 Employees | 841 |
Advanta Corp. Executives
14 executives listed for Advanta Corp.'s Spring House, PA location.
| Title | Name & Bio | Contact |
| Chairman and CEO | Dennis Alter | Network |
| Vice Chairman and President | William Rosoff | Network |
| SVP, CFO, and Principal Accounting Officer | Philip Browne | Network |
Competition
Competitive Landscape for Advanta Corp.
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Advanta Corp. Competitors
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