-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A5h/A10qOlCG0HjcA2No1oO3sQ/lAgH5SCq+fbkB7Wt3cYIMDfw9rSLIKpXLVb5i 46NxrC2ygqioPn0WOql8wg== 0000893220-01-000020.txt : 20010123 0000893220-01-000020.hdr.sgml : 20010123 ACCESSION NUMBER: 0000893220-01-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010108 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-14120 FILM NUMBER: 1504205 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445051 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 w44255e8-k.txt ADVANTA CORP. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) January 8, 2001 ------------------------------ Advanta Corp. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 0-14120 23-1462070 - ---------------------------- ----------- ------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.)
Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania 19477 - ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (215) 657-4000 ---------------------------- (Former Name or Former Address, if Changed Since Last Report) 2 ITEM 5. OTHER EVENTS. This report is being filed solely for the purpose of filing the press release included as Exhibit 99.1 to this report. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. 99.1 Press Release dated January 8, 2001. 3 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. Advanta Corp. ------------------------------- (Registrant) Date: January 08, 2001 By: /s/ Elizabeth H. Mai ------------------------------------ Elizabeth H. Mai Senior Vice President, Secretary and General Counsel 4 EXHIBIT INDEX
Exhibit Description Method of Filing 99.1 Press Release, dated January 8, 2001. Filed Electronically Herewith
EX-99.1 2 w44255ex99-1.txt PRESS RELEASE 1 Exhibit 99.1 FOR IMMEDIATE RELEASE INVESTOR CONTACTS PRESS CONTACTS Chase: John Borden Chase: Charlotte Gilbert-Biro 212-270-7318 212-270-7455 Advanta: David Weinstock Advanta: Catherine Reid 215-444-5335 215-444-5073 CHASE MANHATTAN MORTGAGE CORPORATION TO ACQUIRE ADVANTA'S MORTGAGE BUSINESS Edison, N.J., January 8, 2000 - Chase Manhattan Mortgage Corporation, a subsidiary of J.P. Morgan Chase & Co. (NYSE: JPM) has signed a definitive agreement to acquire the mortgage business of Advanta Corp. (NASDAQ: ADVNB; ADVNA). The acquisition includes a $15.8 billion mortgage loan servicing and sub-servicing portfolio with over 200,000 customers and other net assets. Advanta also has an annual mortgage origination capability in excess of $1 billion. The proposed acquisition would increase Chase's origination activity in the non-prime mortgage business and enhance Chase's position as a leading originator of non-prime mortgages in the country. The Advanta non-prime servicing portfolio is one of the largest in the nation and includes Chase's non-prime portfolio, which Advanta has been subservicing. The acquisition is subject to the approval of Advanta's shareholders and certain regulatory filings and approvals. The transaction is expected to close in the first quarter of 2001. Chase and Advanta will work together to ensure a seamless transition for Advanta customers. "Extending mortgage credit to traditionally under-served groups using sound principles and practices for granting and securing credit is the foundation of fair and prudent lending," said Luke Hayden, Executive Vice President, J.P. Morgan Chase & Co. "This acquisition will expand Chase's platform, enabling us to better serve borrowers who do not meet traditional credit standards." Chase Manhattan Mortgage Corporation, with headquarters in Edison, New Jersey, is currently the nation's largest residential mortgage lender and second largest servicer. In addition to non-prime, the Chase home finance businesses include traditional first mortgage, home equity and manufactured housing loans. "This strategic transaction is an excellent outcome for our shareholders, customers and employees," said Dennis Alter, Chairman and Chief Executive Officer of Advanta. "This is a cash transaction pursuant to which we expect to receive a price in excess of book value. The sale will monetize the value of our mortgage business and provide all of the opportunities and resources of a respected, global organization to our employees and customers. It also will enable Advanta to further concentrate on the small business market, primarily through its 2 profitable credit card business, already one of the nation's largest issuers of Master Card business credit cards to small businesses." Advanta has a national retail and wholesale presence, as well as phone sales units and servicing sites in San Diego and suburban Philadelphia. Advanta has approximately 1800 employees working in its mortgage business. Chase Manhattan Mortgage Corporation is a subsidiary of J.P. Morgan Chase & Co. (NYSE: JPM, www.jpmorganchase.com), which is a premier global financial services firm with assets in excess of $705 billion and operations in over 60 countries. The firm is a leader in investment banking, asset management, private equity, consumer banking, private banking, e-finance, and custody and processing services. Headquartered in New York, J.P. Morgan Chase serves 32 million consumer customers and over 5,000 corporate, institutional, and government clients. Advanta has been providing financial services to consumers and small businesses since 1951. Advanta leverages its first-class direct marketing and information-based expertise to develop state-of-the-art data warehousing and statistical modeling tools that identify potential customers and new target markets. It also offers its customers and business partners a broad range of self-service financial solutions and other services on the Internet at www.advanta.com This Press Release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The most significant among these risks and uncertainties are: (1) the timing and closing of the transaction described in this Press Release; and (2) the approval of the transaction by regulatory agencies and Advanta's shareholders. -----END PRIVACY-ENHANCED MESSAGE-----