Advanta Corp. announced today that on April 2, 2007 its Board of Directors met and approved a three-for-two stock split for both the Class A and Class B Common Stock. This split will be in the form of a 50% stock dividend, payable June 15, 2007 to stockholders of record as of May 25, 2007. The Company’s common stock will begin trading at the split-adjusted price on June 18, 2007.
In addition, Advanta’s Board approved a 25% increase in its regular quarterly cash dividends beginning with the dividends to be paid in the second quarter of 2007. On a split-adjusted basis, this increase will result in a 17.71 cent future quarterly dividend declared for each share of Class A Common Stock and a 21.25 cent future quarterly dividend declared for each share of Class B Common Stock. Advanta has paid consecutive quarterly dividends since 1990.
Further, the Board of Directors also authorized the repurchase of up to 1.5 million shares of the Company’s Class B Common Stock, stated on a split-adjusted basis.
“These actions reflect the gratifying success we have had and the belief in our ability to continue producing excellent results in the future,” said Dennis Alter, Chairman and CEO.
About Advanta
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiate the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
