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Dennis Alter has served as CEO & Chairman of the Board of Advanta since 1971. A native of Philadelphia and a graduate of Temple University, Mr. Alter began his career in education. He taught English in the Philadelphia Public School System from 1966 to 1969, during which time he completed coursework for a Master's degree at Temple.
In 1969, Mr. Alter joined the family business, founded by his father who was also a teacher. Then called TSO Financial, the company provided loans to teachers, a group which at that time generally had difficulty obtaining loans from banks. He continued to grow the company, acquiring Colonial National Bank in 1982 through which he began marketing credit cards nationwide to the general public. The company went public in 1985, changed its name to Advanta in 1988, and broadened its focus to include mortgages and the credit needs of the small business market. It became the sixth largest issuer of consumer credit cards in the country. From 1998-2000 Advanta monetized and distributed to shareholders the value that had been created in these businesses, in order to focus on one product to one market.
Today Advanta is one of the nation's largest issuers of credit cards to small businesses. In August 2005, Philadelphia Magazine named Mr. Alter Philadelphia's "Best Business Leader," and in November they ranked him as one of "The 50 Most Powerful People in Philly." In 2003, Temple University's Fox School of Business and Management honored Mr. Alter with their highest honor, the Musser Award for Excellence in Leadership. And in 2000, Fortune Magazine named Advanta one of the "Most Admired Companies in America."
As a result of Mr. Alter's deep commitment to the community, Advanta's Board of Directors established the Advanta Foundation in 1990. Under his leadership, this program has provided hundreds of grants for a variety of community initiatives in the arts, education, health and human services, and civic development. In 2006, Mr. Alter created The Advanta Small Arts Support Program, a business/arts initiative that will provide 80 individual financial grants to small arts and cultural organizations located throughout the Greater Philadelphia Region.
In 2004, Advanta and the Alter's made it possible to bring the critically and popularly acclaimed Salvador Dali Exhibition to the city, serving as the exhibition's principal sponsor for The Philadelphia Museum of Art, where Mr. Alter serves as Vice Chairman of the Board. Mr. Alter also serves on the Board of The Opera Company of Philadelphia and the National Museum of American Jewish History. He and his wife, Gisela, are long time supporters of many local arts organizations including The Prince Music Theatre and The Philadelphia Orchestra.
Mr. Alter and his Austrian-born wife, Gisela, reside in Fort Washington, Pennsylvania, with their two sons and two daughters. He has been a nationally ranked tennis player, and has been instrumental in bringing a series of high-profile tennis events to Philadelphia over the past two decades, including World TeamTennis and the Advanta Championships.
When asked on his customs form for his profession, he answers, "Tourist"; taking in and giving back as much as he can wherever he visits. | 