Portfolio Recovery Associates Celebrates 15 Years; Rings Opening NASDAQ Bell

Steve Fredrickson, chairman, president and CEO of Portfolio Recovery Associates (Nasdaq: PRAA), rang the opening bell at the NASDAQ stock exchange Monday in celebration of his company’s 15 year anniversary.

The Norfolk, Va.-based debt buyer and collector opened its doors March 20, 1996 and has been publicly traded since November 2002.

“Over the past 15 years, Portfolio Recovery Associates has achieved numerous milestones, including the acquisition of four subsidiaries, the opening of five remote call centers, and numerous awards from premier business publications,” Fredrickson said. “Our continued growth and profitability have been based on a sustainable business model, consistently ethical business practices and active community involvement.”

Since it opened, PRA has accumulated a portfolio of purchased consumer debt totaling more than $50 billion and representing 24 million customer accounts, according to a company press release. In 2010, PRA produced $372.2 million in revenue and net income of $73.5 million.