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): June 4, 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.

James Nussle was appointed as a Class 1 member of the Board of Directors of Portfolio Recovery Associates, Inc. (the "Company"), effective June 4, 2013, with a term expiring at the Company’s 2014 annual meeting of stockholders. In connection with his appointment and in accordance with the Company's compensation policy for non-employee directors, Mr. Nussle received an award of shares of restricted stock of the Company with a value equal to $110,000. These shares will vest on the first anniversary date of the grant, subject to Mr. Nussle’s continued service to the Company through the vesting date. Mr. Nussle’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 transactions in which Mr. Nussle has an interest requiring disclosure under Item 404(a) of Regulation S-K or any family relationships requiring disclosure under Item 401(d) of Regulation S-K.

On June 5, 2013, the Company issued a press release announcing the appointment of Mr. Nussle to the Board, which is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 - Press release dated June 5, 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.
June 5, 2013	By:	/s/ Kevin P. Stevenson
		Name: Kevin P. Stevenson
		Title: EVP/CFO

Exhibit Index

Exhibit No.	Description
99.1	Press release dated June 5, 2013.

EX-99.1

JAMES A. NUSSLE APPOINTED TO PRA BOARD OF DIRECTORS

NORFOLK, Va. – June 5, 2013 – Portfolio Recovery Associates, Inc. (PRA), a financial and business services company operating in the U.S. and U.K., today announced that James A. Nussle has been appointed by the company’s board of directors to serve as an independent director.

Nussle, 52, is president of The Nussle Group, a public policy and strategic consulting company. From 2007 to 2009, he served in the cabinet of President George W. Bush as director of the White House Office of Management and Budget, where he developed and implemented the President’s budget, fiscal and regulatory policy. He was an advisor to President Bush as a member of the National Economic Council, National Security Council, Homeland Security Council and National Domestic Policy Council.

Prior to his years in the Bush Administration, Nussle served in the U.S. House of Representatives as a congressman from Iowa for 16 years. During that time, he was elected to three two-year terms as chairman of the House Budget Committee. He also has served on the House Ways and Means, Banking and Agriculture Committees.

“As state and federal regulations protecting consumers of financial services continue to evolve, our board expects governance of PRA’s strict compliance with regulations to grow in importance to our stockholders, clients and customers. We welcome to our board Jim Nussle’s vast experience in finance, and economic and public policy,” said Steve Fredrickson, chairman, president and chief executive officer of PRA.

Nussle replaces John Fuller, who served on PRA’s board until the end of his term on May 30, 2013. “On behalf of our stockholders, PRA thanks John Fuller for his strong counsel to the board since 2010,” Fredrickson said.

Nussle will stand for election to a three-year term on PRA’s board at next year’s annual meeting of stockholders. He also will continue to serve on the board of Thrivent Mutual Funds, and as an advisory board member to Avista Capital Partners and The Bill and Melinda Gates Foundation, U.S. programs. Nussle also is a steering committee member of The Fix the Debt Coalition and on the boards of The Committee for a Responsible Federal Budget and The National Down Syndrome Society. He was a member of the board and then president of Growth Energy, the largest renewable energy trade association.

Following completion of a Juris Doctorate degree from Drake Law School in Des Moines, Iowa, Nussle was a prosecuting attorney in Iowa, where he also earned a Bachelor of Arts degree in political science from Luther College in Decorah, Iowa.

About PRA
As a leader in the U.S. debt buying industry, Portfolio Recovery Associates, Inc. (NASDAQ: PRAA) returns capital to banks and other creditors that helps 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 has been annually ranked as one of Forbes’ 100 Best Small Companies in America since 2007, advancing to the Top 25 in 2012. The company also was recognized last year as one of Fortune’s 100 Fastest-Growing Companies in the U.S. For more information, visit www.PortfolioRecovery.com.

Media and Investor Contact:

Rick Goulart
Vice President, Corporate Communications
757-961-3525
RickGoulart@PortfolioRecovery.com

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