Advanta suspends plans to build new headquarters

Inquirer staff writer Diane Mastrull reports:

Advanta, a financial services company based in Horsham Township, has suspended plans to build a new headquarters in Upper Dublin Township.

Richard Barton, Upper Dublin's director of code enforcement, said last night that Advanta officials alerted the township Monday "that they were not continuing with this project at this time."

He said a lawyer for Advanta cited the economy as the primary reason. A spokesman for Advanta was not immediately available this morning.

Barton said Advanta had planned to break ground in 2009 on a 200,000-square-foot office building at Dreshertown and Dryden Roads on what is known as the Prudential site. The three-story building was to include a variety of green features designed "to make it an example of a modern and efficient office building," Barton said.

Created in 1951, Advanta is one of the nation's largest credit card issuers to small businesses. It reported a third quarter net loss of $17.6 million and total assets of $3.2 billion. Dennis Alter, chairman and chief executive, had said the economy "has dealt small business owners a tough hand" which has "flowed through to us in the form of rising credit losses."

Contact Diane Mastrull at 215-854-2466 or dmastrull@phillynews.com

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