Beal Bank
From Wikipedia, the free encyclopedia
Beal Bank is a Texas-based bank that was founded in 1988 by Texas banker and entrepreneur Andy Beal. With headquarters in Plano, Texas (just north of Dallas), Beal Bank has a total of six deposit branches spread throughout Texas (Dallas, Houston) and California (Los Angeles, Orange County, and San Francisco).
Beal Bank has capital of more than $700 million and assets of $1.8 billion as of September 30, 2006, and is a subsidiary of Beal Financial Corporation (capital in excess of $2.3 billion and assets in excess of $3.9 billion as of September 30, 2006). Affiliate companies include Beal Bank Nevada, CSG Investments, Inc., Loan Acquisition Corporation, and Beal Mortgage Services.
Beal Bank has a reputation as a strongly capitalized financial institution. As of September 30, 2006, its “tier one” capital, or net worth, is approximately 35% of assets, or approximately seven times the FDIC standard of 5% for a well-capitalized bank. Beal Bank is a member of the FDIC and is an Equal Housing Lender.
As a wholesale bank, Beal Bank offers FDIC-insured term deposit accounts through certificates of deposit (CDs), money market accounts, and other products. Beal Bank does not offer such retail banking services as consumer loans and checking accounts.
Through affiliates CSG Investments, Inc., Loan Acquisition Corporation, and Beal Mortgage Services, Beal Bank is active in commercial real estate acquisition and development; individual loan and loan portfolio acquisition; and financing and funding loans and participations in loans secured by tangible assets in such industries as real estate; gaming and lodging; energy, power and gas; manufacturing; timber; and transportation and distribution.
[edit] Affiliates
Beal Mortgage Services is an affiliate of Beal Bank and Beal Bank Nevada that originates real estate-related loans of from $2 million to $200 million on income properties and raw land as well as land development and construction loans. Beal Mortgage Services specializes in loans on property types that have circumstances that typically do not qualify for lowest-rate financing, and also provides bridge loans on traditional multifamily, retail and office properties that may need to be turned around before being eligible for conventional loan underwriting.
Loan Acquisition Corporation is an affiliate of Beal Bank and Beal Bank Nevada that buys individual loans and loan portfolios and has been one of the largest buyers in the secondary market for mortgage loans (excluding prime residential loans). Since mid-2000, Loan Acquisition Corporation acquired more than $3 billion in loans from different sellers, including the FDIC, the Small Business Administration (SBA), and numerous private sellers.
