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Advanta I LLC history
Advanta I LLC company history timeline
In 1951 J.R. Alter, a former Philadelphia schoolteacher, founded the Philadelphia Teachers Service Organization, Inc., in the Olney section of Philadelphia.
After 20 years in business, TSO maintained a modest profile, with a net worth of $300,000 in 1971.
Dimond's banking expertise contributed to TSO's next strategic move: its 1982 acquisition of Colonial National Bank in Wilmington, Delaware, for $2.1 million.
Although Colonial no longer made commercial loans, it serviced 30,000 depositors from all 50 states, accounting for $525 million in deposits by 1986.
In 1986 the company acquired Advanta Mortgage Corp.
In June 1987 James T. Dimond resigned as chief operating officer, to be replaced by Richard A. Greenawalt, former president of Transamerica Financial Corporation in Los Angeles.
In March 1988 Dennis R. Eickhoff joined the company as president of its Advanta Mortgage Corp.
Over the years, that financial strategy became one of Advanta's (TSO's name as of 1988) fundraising specialties.
By 1991 the company derived 70 percent of its revenues from its Visa and MasterCard customers.
In May 1992 Advanta continued funding its credit portfolio by tapping the securitization market, completing two private placements with a combined value of about $332 million.
To expand its leasing program, Advanta introduced the Access to Capital Equipment (ACE) card in January 1993.
Net income in 1994 rose to $106.1 million, a 36 percent increase from the previous year (marking Advanta's sixth consecutive year of record earnings), while total managed assets climbed to $8.6 billion.
By the end of 1995 Advanta and three other specialized card companies--Capital One, First USA, and MBNA--had seized a 20 percent market share of a credit card industry that had swelled to $305 billion.
In addition to unprecedented profits, 1995 also saw a significant rise in credit card delinquency.
In June 1995 the company struck a deal with Royal Bank of Scotland, one of the leading credit card issuers in the United Kingdom, to create RBS Advanta, a joint venture geared toward marketing a new low-interest credit card in the United Kingdom. It marked the beginning of an American invasion of the British credit card industry, with People's Bank of Connecticut following suit in April 1996, when it launched a card offering 14.4 percent financing.
1998: Fleet Financial Group acquires Advanta's credit card operations.
At this time Advanta also was facing a potentially disastrous legal battle with Fleet Financial Corporation, over alleged misappropriations of funds and misrepresentation of portfolio value relating to the sale of its credit card business, with a trial date set for 2001.
Advanta IRA was founded in 2003 on the principle that people should take a proactive approach to their retirement savings and invest in things they know and understand.
On January 1, 2012, the firm moved out from under the Entrust umbrella and changed their name to Advanta IRA. As Advanta IRA, the firm has doubled-down on their “client-first culture” to become widely recognized as the premier service in the self-directed industry.
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