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):  October 25, 2007

RESOURCE AMERICA, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-04408	72-0654145
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

    One Crescent Drive, Suite 203, Philadelphia, Pennsylvania  19112 

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (215) 546-5005

   N/A                                                                

(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 1.01 Entry into a Material Definitive Agreement.

On October 25, 2007 LEAF Funding, LLC, an indirect subsidiary of ours, entered into a Loan Sale Agreement with the Federal Deposit Insurance Corporation as Receiver of NetBank, Alpharetta, Georgia, to acquire substantially all of the assets of NetBank Business Finance, the equipment leasing division of NetBank.  The purchase price is approximately $410 million.  We expect that financing for the acquisition will be provided through Morgan Stanley Bank.  The acquisition is required to close on or before November 7, 2007.

The Registrant’s press release dated October 29, 2007 announcing entry into the Loan Sale Agreement is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                             Description

99.1 Press Release dated October 29, 2007

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.

	RESOURCE AMERICA, INC.
Date:  October 31, 2007	By:	/s/ Steven J. Kessler
		Name:  Steven J. Kessler
		Title:  Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.                                           Description

99.1 Press Release dated October 29, 2007

EX-99.1

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Contact:        Pamela Schreiber

Investor Relations

Resource America, Inc.

1845 Walnut Street, 10^th Floor

Philadelphia, PA 19103

                        (215) 546-5005

Resource America’s LEAF Financial Corporation to

Acquire $430 million Leasing Portfolio from the FDIC

Philadelphia, PA - October 29, 2007 - Resource America, Inc. (NASDAQ:REXI) announces today that its commercial finance subsidiary, LEAF Financial Corporation (“LEAF”), has been selected by the FDIC as the purchaser of the approximately $430 million leasing portfolio of NetBank Business Finance, the equipment leasing division of NetBank, based out of Columbia, South Carolina.  NetBank is currently being operated in receivership by the FDIC.  LEAF will acquire the portfolio on behalf of investment partnerships that it manages at a discount.  Financing for this acquisition will be provided by Morgan Stanley Bank.

LEAF has entered into a definitive agreement with the FDIC to acquire the portfolio and leasing business and expects to close the transaction in early November 2007.  The portfolio will include over 10,000 leases and loans to small businesses throughout the United States.  In addition, LEAF intends to continue the lease origination and management platform in Columbia and to retain what is one of the industry’s most experienced small ticket leasing teams, which will maintain its relationships with of over 200 third party originators.  After this acquisition, LEAF will manage over $1.6 billion of commercial leases and finance assets for its own account, individual and institutional investors.  With this acquisition, LEAF anticipates that it will have the ability to originate over $1 billion of leasing and loan assets next year.

Jonathan Cohen, President and Chief Executive Officer of Resource America, Inc. commented, “Resource America is excited to be taking advantage of the dislocation in the credit markets and lack of liquidity by other players.  Resource is built on being an opportunistic investor and creating value; this investment will allow LEAF to rise to the next level by adding quality assets

and people.  The acquisition reflects Resource's recognition that during the current turbulence in financial and credit markets, there are opportunities to obtain high quality assets in distress situations, thus creating excellent value for its own account and for its investors.  LEAF’s scope and scale will allow it to operate more profitably.”

LEAF Financial Corporation is a commercial finance and asset management company headquartered in Philadelphia, PA. LEAF’s business model is to originate small to middle ticket equipment leases and loans in a variety of asset classes through five strategic business units. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles. LEAF Financial Corporation is a subsidiary of Resource America, Inc. (NASDAQ:REXI).

Resource America is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial fund management, real estate and commercial finance sectors. For more information please visit our website at www.resourceamerica.com or contact Investor Relations at pschreiber@resourceamerica.com.

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Resource America, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10Q, reports on Form 8-K and annual reports on Form 10-K.