PRA Group Hires VP

Debt-buying giant PRA Group, based in Norfolk, Va., has hired Nancy Porter as vice president of corporate communications. Porter replaces Rick Goulart.

PRA changed its name from Portfolio Recovery Associates after the $1.3 billion acquisition of Norway-based debt collector Aktiv Kapital AS, which closed last July.

Porter makes the move from Monarch Financial Holdings, where she was senior VP of marketing for the NASDAQ-traded bank holding company. She ran her own public relations business for three years around various stints - including at Chartway Federal Credit Union, Fareed & Company and Ogilvy & Mather. 

Porter reports to Steve Fredrickson, chairman, president and CEO.

"As our company continues to grow, one of our goals is to continue to invest in our corporate culture. Nancy will be an asset to our team because she understands the brand communication building blocks necessary to create a powerful, legacy-building company culture," Frederickson said.

PRA, which buys non-performing consumer debt, posted third quarter revenue of $239 million (up 21%) with net income of $51.2 million. Cash collections were $372.7 million.PRA invested $891.4 million in new finance receivables from North American and European creditors in the third quarter compared to $141.9 million in the year-ago quarter. The investment include $728 million in finance receivables from the Aktiv Kapital acquisition.