Payday Lender Reaps Quick Cash WithIPO

Register now

SPARTANBURG, S.C. - (12/21/04) -- Advance America, Cash AdvanceCenters Inc., one of the nation's largest payday lenders, said itraised $322 million last week with an initial public offering ofstock. The IPO was greeted with enthusiasm by investors as theoffering hit the Street at $15 a share, in the upper range of the$13-to-$15 sought. Advance America operates 2,300 payday loanoutlets in 34 states.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER