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Article: Advance America stymied in Pennsylvania.

Article from:
Herald-Journal (Spartanburg, SC)
Article date:
March 8, 2006
Copyright

Byline: Susan Orr

Mar. 8--Spartanburg-based Advance America will soon discontinue making payday loans in Pennsylvania, but the company says it has no plans to close its 101 stores in that state.

Pennsylvania and Arkansas are the two states in which Advance America operates under an "agency model," partnering with federally chartered banks to offer payday loans.

In its fourth quarter earnings statement released last month, Advance America said the Federal Deposit Insurance Corp. had instructed certain banks to stop making payday cash advances if the banks could not adequately address FDIC concerns about the loan products.

Advance ...

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