Advanta Corp. Files to Reorganize Under Chapter 11 to Preserve Stakeholder Value

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Advanta Corp. 1 that the Bank will not be able to regain compliance with the capital levels and ratios required by the FDIC; 2) that the FDIC will pursue further regulatory actions against the Bank; 3) the costs, timing and success of the reorganization actions, including the Company’s ability to prosecute, confirm and consummate a plan of reorganization which has not yet been proposed; and 4) the impact of litigation and legal, regulatory, administrative and other claims, investigations or proceedings. The cautionary statements provided above are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”) and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act for any such forward-looking information. Additional risks that may affect the Company’s future performance are detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

Media:
Sitrick And Company
Tom Becker
212-573-6100 (Office)
646-335-5199 (Mobile)
Tom_Becker@sitrick.com

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