Advanta Bank

Founded in 1951, Advanta began as a provider of loans to schoolteachers. Over the decades, it evolved and eventually focused its business on the niche market of providing credit cards to small businesses and professionals, growing to become a major national issuer. The company faced severe financial distress during the 2008 financial crisis due to soaring default rates in its credit card portfolio. Unable to recover from substantial losses, Advanta Bank Corp. was closed by the Utah Department of Financial Institutions on March 19, 2010, and the Federal Deposit Insurance Corporation (FDIC) was named as receiver.