8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 11, 2013

Portfolio Recovery Associates, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

Delaware	000-50058	75-3078675
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
120 Corporate Boulevard, Norfolk, Virginia		23502
________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 888-772-7326

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Board of Directors of Portfolio Recovery Associates, Inc. (the "Company") appointed Marjorie M. Connelly to serve as an independent director, effective September 11, 2013, with a term expiring at the Company's 2014 annual meeting of stockholders. In connection with her appointment, and in accordance with the Company's compensation policy for non-employee directors, Ms. Connelly was awarded shares of restricted stock of the Company with a grant date value equal to $110,000.  These shares will vest on the first anniversary date of the grant, subject to Ms.  Connelly's continued service to the Company through the vesting date. Ms.  Connelly's ongoing annual compensation will be consistent with that provided to the Company's other non-employee directors, as described in the Company's most recent proxy statement filed with the Securities and Exchange Commission on April 19, 2013. There are no other arrangements or understandings between Ms. Connelly and the Company pursuant to which Ms. Connelly was appointed as director of the Company.

The Company is not aware of any relationships or transactions in which Ms. Connelly  has an interest that would require disclosure under Item 404(a) of Regulation S-K or any family relationships requiring disclosure under Item 401(d) of Regulation S-K.

On September 16, 2013, the Company issued a press release announcing Ms. Connelly's  appointment of to the Board, which is attached as Exhibit 99.1 to this Form 8-K. 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 - Press release dated September 16, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Portfolio Recovery Associates, Inc.
September 16, 2013	By:	/s/ Kevin P. Stevenson
		Name: Kevin P. Stevenson
		Title: EVP/CFO

Exhibit Index

Exhibit No.	Description
99.1	Press release dated September 16, 2013.

EX-99.1

MARJORIE M. CONNELLY APPOINTED TO PRA BOARD OF DIRECTORS

Bringing unique perspective on global credit card operations

NORFOLK, Va.– September 16, 2013 – Portfolio Recovery Associates, Inc. (Nasdaq: PRAA), a financial and business services company operating in the U.S. and U.K., today announced that Marjorie M. Connelly has been appointed by the company’s board of directors to serve as PRA’s seventh independent director.

Connelly, 51, brings to the board more than 25 years experience in financial services, largely focused on leading global credit card operations.

As Barclaycard’s global chief operating officer from 2009 to 2011, Connelly directed operations for Barclays PLC’s customized and co-branded credit cards, as well as merchant payment services. She joined Barclaycard following two and a half years at Wachovia Securities, the retail brokerage firm now named Wells Fargo Advisors, where she served as chief operating officer. From 1990 to 2006, Connelly led credit card operations for First USA then Capital One, where for 12 years she held numerous executive roles overseeing operations for Capital One’s U.S. and international credit card businesses. She also was a member of Visa USA’s Executive Advisory Committee and Visa International’s Risk Advisors Group.

“Our board welcomes Marge’s unique perspective on global credit card issuers and their customers,” said Steve Fredrickson, PRA’s chairman of the board, president and chief executive officer. “Her insight into evolving consumer credit markets also will be invaluable to the board, as PRA invests more in global defaulted consumer debt.” Connelly will stand for election to a three-year term on PRA’s board at next year’s annual meeting of stockholders.

Earlier this year, Connelly concluded a year-long role as interim president of Longwood University in Farmville, Virginia, near Richmond. She had previously served for eight years on Longwood’s board where she twice served as rector. She also has been a member of University of Richmond’s Business School Executive Advisory Board and the Foundation Board for Virginia Commonwealth University’s Business School. Currently, she serves on the board of The Women’s Initiative, in Charlottesville, Virginia.

Connelly holds a Bachelor of Arts degree in political science from the University of Delaware and also has completed Harvard Business School’s Advanced Management Program.

About PRA

As a leader in the U.S. debt buying industry, Portfolio Recovery Associates, Inc. (PRA) returns capital to banks and other creditors that helps to expand financial services for consumers.  PRA collaborates with its customers to create affordable, realistic debt repayment plans. The company also provides a broad range of fee-based services to local governments and law enforcement, U.S. businesses, institutional investors, global hedge funds, and U.K. banks and creditors. 

PRA is one of Fortune's 100 Fastest-Growing Companies for 2013 and 2012. Last year, the company also advanced to the Top 25 ofForbes’ 100 Best Small Companies, where PRA has been annually ranked since 2007.For more information, please visit www.PortfolioRecovery.com.

Media and Investor Contact:

Rick Goulart

Vice President, Corporate Communications

757-961-3525

RickGoulart@PortfolioRecovery.com

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