SOURCE: Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates, Inc.

November 09, 2010 10:00 ET

Portfolio Recovery Associates Wins Inside Business Roaring 20 Award for Business Excellence and Community Involvement

NORFOLK, VA--(Marketwire - November 9, 2010) -  Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of receivables management and payments processing services, today announced that it was honored with the Inside Business Roaring 20 Award for business excellence and community involvement.

The award was presented to Kevin Stevenson, chief financial and administrative officer, during a ceremony at the Lesner Inn, Virginia Beach, Va. on Nov. 4.

The Roaring 20 Award recognizes the fastest-growing companies in Hampton Roads, Virginia that make significant contributions to the local economy. The selection of winners is based on reviews by a panel from award co-sponsor Cherry, Bekaert & Holland, a certified public accounting and consulting firm, who assessed financial statements, as well as data on employment, community giving, economic development, and capital expenditures.

Portfolio Recovery Associates (PRA) was selected based upon its revenue and percentage rate of growth over the company's three most recent fiscal years. Other factors contributing to the company's selection included its ability to overcome challenges and future outlook of long-term sustainability.

"Our ultimate goal is to run a successful business that contributes to the communities we serve," said Steve D. Fredrickson, president, chief executive officer, and chairman of PRA. "We're very honored to receive this top award and most proud of the fact that we're able to balance the bottom line with our commitment to corporate responsibility."

In business since 1996, PRA has earned many awards for its approach to sustainable business growth, community involvement and philanthropic giving. Forbes recently recognized PRA as one of America's 100 Best Small Companies. The company is also consistently recognized on the "hot growth" rankings lists of other premier financial publications.

About Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates, Inc. (PRA) is the parent of companies whose business revolves around the detection, collection, and processing of both unpaid and normal-course receivables originally owed to credit grantors, governments, retailers and others. PRA's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, and retail merchants. PRA also provides fee-based services, including collateral-location services for credit originators via its IGS subsidiary, revenue administration, audit and debt discovery/recovery services for government entities through both its RDS and MuniServices businesses and class action claims recovery services and related payment processing through its CCB subsidiary.

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