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Photo Release -- PRA Expands Its Headquarters To Accommodate Continued Business Growth

Stocks in this article: PRAA

NORFOLK, Va., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Portfolio Recovery Associates, Inc. (Nasdaq:PRAA), a financial and business services company operating in the U.S. and the U.K, today announced the opening of expanded facilities at its Norfolk headquarters to play a key role in managing PRA's continued growth.

Ribbon Cutting
Norfolk Mayor Paul D. Fraim, at right, celebrates expansion of Portfolio Recovery Associates headquarters with CEO Steve Fredrickson.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=22169

"As a result of our strategy to press the company's many competitive advantages in a debt buying and collections marketplace that continues to consolidate, PRA has experienced exceptional growth this year, and sees future growth in Norfolk in the years ahead," said Steve Fredrickson, chairman, president and chief executive officer, PRA.

PRA expanded its call center and professional offices at 120 Corporate Boulevard into 30,000 square feet of adjacent space. PRA now leases 130,000 square feet of space, including two other buildings in the Riverside Commerce Center along Military Highway, the site of PRA's headquarters since 1999.

At a ceremony today attended by PRA employees, Mayor Paul D. Fraim said, "I could not be more pleased with Portfolio Recovery Associates' decision to expand its operations in Norfolk. It's a great company and a great corporate citizen of Norfolk that's been recognized as one of Forbes' Top 25 small companies and one of the fastest growing companies in the country. Norfolk is proud to serve as PRA's corporate headquarters, and we greatly appreciate their confidence in our city."

PRA added 45 new jobs in Norfolk this year, raising the number of employees at its headquarters to 1,020. The company also announced plans to hire more than 30 new employees in Norfolk before year-end, including an ETL developer, corporate attorneys, a recruiting manager, a SQL database administrator, and a sales & business development manager.

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