Advanta
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Advanta is an American banking company. Currently, it controls two banks, Advanta Bank Corp and Advanta National Bank. Originally a provider of personal loans to teachers, Advanta's current focus is on small business services, particularly credit cards. In 2000, Advanta's small-business credit card receivables were $1.6 billion.
Advanta was founded in 1951 by Philadelphia schoolteacher Jack Alter, who originally ran the company from his spare bedroom. By 1972, the company had $25 million worth of investments in its investment certificate program. In 1985, Advanta became a publicly traded company (it is currently traded on NASDAQ under the symbol ADVNB). By 1995, Financial World named Advanta one of America's Best 100 Growth Companies. In 2000, Advanta was ranked among the "Most Admired Companies in America" by Fortune magazine.
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Advanta is an American banking company headquartered in Spring House, PA. Currently it controls two banks, Advanta Bank Corp. and Advanta National Bank. Originally a provider of personal loans to teachers, Advanta is currently one of the nation's largest issuers (through Advanta Bank Corp.) of credit cards to small businesses. In September 2006, Advanta's business credit card receivables were $4.6 billion.
Advanta was founded in 1951 by Philadelphia schoolteacher Jack Alter, who originally ran the company from his spare bedroom. Jack's son, Dennis, has been CEO and Chairman of the Board since 1971. By 1972, the company had $25 million worth of investments in its investment certificate program. In 1985, Advanta became a publicly traded company (it is currently traded on NASDAQ under the symbols ADVNA and ADVNB). By 1995, Financial World named Advanta one of America's Best 100 Growth Companies, and in 2000, Advanta was ranked among the "Most Admired Companies in America" by Fortune magazine. In August 2005, Philadelphia Magazine named Dennis Alter Philadelphia's "Best Business Leader," and in November they ranked him as one of "The 50 Most Powerful People in Philly."
As a result of Dennis Alter's deep commitment to the community, Advanta's Board of Directors established the Advanta Foundation in 1990. Under his leadership, this program has provided hundreds of grants for a variety of community initiatives in the arts, education, health and human services, and civic development. In 2006, Mr. Alter created The Advanta Small Arts Support Program, a business/arts initiative that will provide 80 individual financial grants to small arts and cultural organizations located throughout the Greater Philadelphia Region.
