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{{short description|American bank}}
{{infobox company
{{infobox company
|name= Beal Bank
| name = Beal Financial Corporation
| logo = Beal_Bank_2023_logo.png
⚫
| type = [[Bank]]
| type = [[Privately held company|Private]]
⚫
| foundation = {{Start date|1988}}
| industry = [[Bank]]
⚫
| founder = [[Andrew Beal|D. Andrew "Andy" Beal]]
| foundation = {{Start date and age|1988|03|10}}
| location_city = [[Plano, Texas]]<br>'''<small>(Beal Bank)</small>'''<br>[[Las Vegas, Nevada]]<br>'''<small>(Beal Bank USA)</small>'''
⚫
| founder = [[Andrew Beal]]
|logo=Beak Bank Logo.gif
| location_city = [[Plano, Texas]]
⚫
| locations = 37
| owner = [[Andrew Beal]]

| homepage = {{URL|https://www.bealbank.com/}}
| footnotes = <ref name=bealbankfdic>{{Cite web | url=https://banks.data.fdic.gov/bankfind-suite/bankfind/details/32574 | title=Beal Bank | work=[[Federal Deposit Insurance Corporation]]}}</ref><ref name=bealbankusafdic>{{Cite web | url=https://banks.data.fdic.gov/bankfind-suite/bankfind/details/57833 | title=Beal Bank USA | work=[[Federal Deposit Insurance Corporation]]}}</ref>
{{Infobox company
⚫
| name = Beal Bank
⚫
| locations = 6
| assets = $4.843 billion (2024)
| footnotes = <ref>{{Cite web | url=https://cdr.ffiec.gov/public/ManageFacsimiles.aspx# | title=View -- Executive Summary Report | publisher=[[Federal Financial Institutions Examination Council]]}}</ref>
}}
{{Infobox company
⚫
| name = Beal Bank USA
⚫
| type = [[Bank]]
⚫
| foundation = {{Start date|2004|08|02}}
| location_city = [[Las Vegas, Nevada]]
| locations = 11
| assets = $18.030 billion (2024)
| footnotes = <ref>{{Cite web | url=https://cdr.ffiec.gov/public/ManageFacsimiles.aspx# | title=View -- Executive Summary Report | publisher=[[Federal Financial Institutions Examination Council]]}}</ref>
}}
}}
}}


'''Beal Financial Corporation''' is a [[bank holding company]] based in [[Plano, Texas]] that operates two federally chartered banks: Beal Bank, with 6 branches,<ref name=bealbankfdic/> and Beal Bank USA, headquartered in Las Vegas, Nevada, with 10 branches and a [[direct bank]].<ref name=bealbankusafdic/> It is on the [[list of largest banks in the United States]]. It was founded by and is entirely owned by [[billionaire]] [[Andrew Beal]] and specializes in acquiring [[distressed securities]] at discounted values. It acquires risky loans, but keeps a much higher equity buffer than other banks.<ref name=deposits/><ref>{{cite news | url=https://www.forbes.com/sites/nathanvardi/2015/04/15/the-billionaire-banker-ready-to-bet-on-oil/ | title=The Billionaire Banker Ready to Bet on Oil | first=Nathan | last=Vardi | work=[[Forbes]] | date=April 15, 2015 | url-access=limited}}</ref>
'''Beal Bank''' and Beal Bank USA are banks founded by Texas-based entrepreneur [[Andrew Beal|D. Andrew "Andy" Beal]]. Headquartered in [[Plano, Texas]], Beal Bank was founded in 1988.<ref>[http://www2.fdic.gov/idasp/externalConfirmation.asp?inCert1=32574 FDIC certificate information for Beal Bank, FDIC Certificate No. 32574]</ref> Headquartered in [[Las Vegas]], Beal Bank USA (formerly Beal Bank Nevada) was founded in 2004.<ref>[http://www2.fdic.gov/idasp/confirmation_outside.asp?inCert1=57833 FDIC certification information for Beal Bank USA, FDIC Certificate No. 57833]</ref> As of September 30, 2017, the banks had combined total assets of more than $7.4 billion and combined total capital of more than $2.8 billion.<ref>[https://cdr.ffiec.gov/public/ManageFacsimiles.aspx?ReportType=283 Online searchable Uniform Banking Performance Reports from the FFIEC]</ref>


==History==
Both banks are members of and are insured by the [[Federal Deposit Insurance Corporation]] (FDIC). The banks offer deposit products to the public including CDs, money market accounts, statement savings accounts, and IRA CD accounts that are insured by the FDIC. The banks are considered wholesale banks because they do not offer consumer loans or checking accounts. Both banks purchase pools of non-agency residential first liens and commercial real estate-secured loans, and also fund commercial loans and participations in loans, through affiliates.
Beal Bank was founded on March 10, 1988 in Dallas, TX by [[Andrew Beal]].<ref name=bealbankfdic/><ref>{{cite news | url=https://www.bizjournals.com/southflorida/stories/2009/11/09/daily61.html | title=Texas Billionaire Beal Seeks Failed Florida Bank | first=Brian | last=Bandell | work=[[American City Business Journals]] | date=November 9, 2009 | url-access=subscription}}</ref><ref name=maverick>{{cite news | url=https://www.wsj.com/articles/SB110556884311724524 | title=Maverick Banker in Texas Chases Distressed Assets | first=George | last=Anders | work=[[The Wall Street Journal]] | date=January 13, 2005 | url-access=subscription}}</ref> It began with $3 million in capital and a single branch in [[Carrollton, Texas]].<ref>{{cite news | url=https://www.dallasnews.com/business/2010/02/21/beal-bank-owner-paved-his-own-road-to-becoming-dallas-richest-man/ | title=Beal Bank Owner Paved His Own Road to Becoming Dallas' Richest Man | work=[[The Dallas Morning News]] | date=February 21, 2010}}</ref><ref>{{cite news | url=https://www.dallasobserver.com/news/love-and-rockets-6392592 | title=Love & Rockets | first=Joe | last=Pappalardo | work=[[Dallas Observer]] | date=March 1, 2001}}</ref> During the [[savings and loan crisis]], the bank purchased assets and real estate from failing banks and the [[Resolution Trust Corporation]], a government-owned company that liquidated real estate and savings-and-loan assets.<ref name=deposits>{{cite news | url=https://www.washingtonpost.com/business/2011/07/03/gIQA9RhE6H_story.html |title=His hedge against risk: Bank deposits | first=Anthony | last=Effinger | newspaper=[[The Washington Post]] | date=July 9, 2011 | url-access=subscription}}</ref><ref name=maverick/> By 1996, the bank was the most profitable bank in Texas.<ref>{{cite news | url=https://www.bizjournals.com/dallas/stories/1996/07/15/story4.html | title=The Thrill is Gone: Beal Looks Beyond RTC Loans | first=David | last=Welch | work=[[American City Business Journals]] | date=July 15, 1996 | url-access=subscription}}</ref><ref>{{cite news | url=https://www.bizjournals.com/dallas/stories/1998/03/16/story1.html | title=Beal Aerospace Ready for Launch | first=Jeff | last=Bounds | work=[[American City Business Journals]] | date=March 16, 1998 | url-access=subscription}}</ref><ref>{{cite news | url=https://www.dmagazine.com/publications/d-magazine/2000/february/the-beal-conjecture/ | title=The Beal Conjecture | first=Melinda | last=RICE | work=[[D Magazine]] | date=February 1, 2000}}</ref>


In 2000, the company acquired $1 billion of face value in commercial loans from the [[Small Business Administration]] at a discount.<ref name=maverick/>
⚫
==Beal Bank==


After the [[September 11 attacks]], the company invested in distressed securities of airline companies.<ref name=maverick/><ref>{{cite news | url=https://www.forbes.com/sites/nathanvardi/2013/01/23/billionaire-banker-targeting-big-banks-over-mortgages/ | title=Billionaire Banker Targeting Big Banks Over Mortgages | first=Nathan | last=Vardi | work=[[Forbes]] | date=January 23, 2013 | url-access=limited}}</ref><ref>{{Cite news | url=https://economictimes.indiatimes.com/news/international/andy-beals-road-to-become-a-billionaire-with-fdic-assets/articleshow/9122012.cms | title=Andy Beal's road to become a billionaire with FDIC assets | agency=[[Bloomberg News]] | work=[[The Economic Times]] | date=July 6, 2011}}</ref>
With 16 retail branches and online banking, Beal Bank reports capital in excess of $609 million and assets in excess of $2 billion as of September 30, 2017.<ref>[https://research.fdic.gov/bankfind/detail.html?bank=32574&name=Beal%20Bank,%20SSB&searchName=BEAL%20BANK&searchFdic=&city=&state=&zip=&address=&searchWithin=&activeFlag=&tabId=1# Financial summary of Beal Bank on FDIC.gov]</ref> This equals capital of more than 44.05% of assets; the FDIC standard is 5% for a well-capitalized bank.<ref>[http://www.fdic.gov/regulations/laws/rules/2000-4500.html#2000part325.103 FDIC Law, Regulations, Related Acts: § 325.103 Capital measures and capital category definitions, B.1]</ref>


In 2003, the company acquired Southern Pacific Bank based in [[Torrance, California]], with three branches and $834 million in deposits, after it was shut down by regulators.<ref>{{cite news | url=https://www.latimes.com/archives/la-xpm-2003-feb-08-fi-rup8.2-story.html |title=Regulators Close Southern Pacific | work=[[Los Angeles Times]] | date=February 8, 2003 | url-access=limited}}</ref>
Based on the Uniform Bank Performance Report (UBPR) on Beal Bank, from the [[Federal Financial Institutions Examination Council]],<ref>[http://www.ffiec.gov/UBPR.htm Information about Uniform Bank Performance Reports on Federal Financial Institutions Examination Council site]</ref> Beal Bank’s ROA is generally several times in excess of its peer group; insured savings banks with assets greater than $1 billion.<ref>[https://cdr.ffiec.gov/public/ManageFacsimiles.aspx?ReportType=283 Online searchable Uniform Banking Performance Reports from the FFIEC]</ref>
From 2009-2012 Beal Bank generally exceeded its peer group.<ref>White, Martha C. "Five Banks That Don't Suck." Big Money. 10 04 2009: n. page. Web. 4 Sep. 2012.</ref>


On August 2, 2004, it opened Beal Savings Bank headquartered in [[Las Vegas, Nevada]]. It was renamed Beal Bank USA in 2012.<ref name=bealbankusafdic/><ref>{{cite news | url=https://vegasinc.lasvegassun.com/business/2014/dec/31/beal-banks-lv-headquarters-tiny-its-22b-deposits-p/ | title=Beal Bank's L.V. Headquarters Are Tiny, But Its $2.2B in Deposits Pack a Punch | first=Eli | last=Segall | work=[[Las Vegas Sun]] | date=December 31, 2014}}</ref>
In 2000, Beal Bank moved from [[Dallas]] to [[Plano, Texas|Plano]] after buying the former headquarters of FINA Inc., a petroleum company and [[American Banker]] named Beal Bank the most profitable bank in the USA. At the time it had a five-year return on equity of 50 percent.<ref>[https://www.bizjournals.com/dallas/stories/2000/09/04/story1.html Beal nabs Fina campus]</ref><ref>[http://www.petroleumnews.com/pntruncate/319840686.shtml Fina to move headquarters from Plano to Houston]</ref>
<ref>[https://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html The Banker Who Said No, Bernard Condon, Nathan Vardi, Forbes.com, April 2009]</ref>


Beginning in 2004, the bank became a major lender to [[Donald Trump]]'s casino properties while they went through bankruptcy, also offering to acquire the casinos outright.<ref name=bet>{{Cite news | url=https://www.nytimes.com/2019/03/29/business/energy-environment/andrew-beal-california.html | title=A Texan’s Big Bet on a Fossil-Fuel Future for California | first1=Ivan | last1=Penn | first2=Thomas | last2=Kaplan | work=[[The New York Times]] | date=March 29, 2019 | url-access=limited}}</ref>
⚫
==Beal Bank USA==


Between 2004 and 2007, the company slowed its asset acquisition and began to let its loans run off, as the founder was correctly worried about an impending crisis. Assets shrank from $7.7 billion to $2.9 billion.<ref>{{cite news | url=https://www.businessinsider.com/texas-billionaire-andy-beal-half-the-countrys-banks-could-go-bust-2009-4 | title=Texas Billionaire Andy Beal: Half The Country's Banks Could Go Bust | first=Joe | last=Weisenthal | work=[[Business Insider]] | date=April 4, 2009}}</ref>
Beal Bank USA has 21 retail branches and online banking, reporting capital in excess of $2.2 billion and assets in excess of $5.3 billion as of September 30, 2017.<ref>[https://research.fdic.gov/bankfind/detail.html?bank=57833&name=Beal%20Bank%20USA&searchName=BEAL%20BANK&searchFdic=&city=&state=&zip=&address=&searchWithin=&activeFlag=&tabId=1 Financial summary of Beal Bank USA on FDIC.gov]</ref>


From 2008-2009, Beal Bank expanded, hiring analysts and evaluating mortgage bonds, debt and other assets being sold by financial institutions as a result of the [[2007–2008 financial crisis]]. By 2009, the company had purchased nearly $5 billion in assets, including $1.8 billion in residential loans, a $465 million loan to [[LyondellBasell]], and assets from 15 failed banks in the U.S.<ref>{{cite news | url=https://www.forbes.com/2010/03/01/beal-bank-business-credit-lending.html | title=Billionaire Banker's Blowout Year | first=Nathan | last=Vardi | work=[[Forbes]] | date=March 1, 2010 | url-access=limited}}</ref><ref>{{cite news | url=https://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html | title=The Banker Who Said No | first=Nathan | last=Vardi | work=[[Forbes]] | date=July 11, 2012 | url-access=limited}}</ref>
This equals capital of approximately 30.27% of assets, also above the FDIC standard of 5% for a well-capitalized bank.<ref>http://www.fdic.gov/regulations/laws/rules/2000-4500.html#2000part325.103 FDIC Law, Regulations, Related Acts: § 325.103 Capital measures and capital category definitions, B.1]</ref>


In April 2009, the company moved its headquarters from [[Dallas]] to [[Plano, Texas|Plano]] after buying the former headquarters of [[Petrofina]].<ref>{{cite news
Based on the UBPR on Beal Bank USA, Beal Bank USA’s ROA is generally several times in excess of its peer group; insured commercial banks with assets greater than $3 billion.<ref>[https://cdr.ffiec.gov/public/ManageFacsimiles.aspx?ReportType=283 Online searchable Uniform Banking Performance Reports from the FFIEC]</ref>
| url=https://www.bizjournals.com/dallas/stories/2000/09/04/story1.html | title=Beal Nabs Fina Campus | first=Hala | last=Habal | work=[[American City Business Journals]] | date=September 3, 2000 | url-access=subscription}}</ref>


In December 2009, Beal Bank acquired New South Federal Savings Bank based in [[Irondale, Alabama]], with $1.5 billion in assets.<ref>{{Cite news | url=https://www.bizjournals.com/dallas/stories/2009/12/14/daily53.html | title=Beal Bank acquires assets of failed New South Federal Savings Bank | first=Chad Eric | last=Watt | work=[[American City Business Journals]] | date=December 18, 2009 | url-access=subscription}}</ref><ref>{{Cite web | url=https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/newsouth.html | title=Failed Bank Information for New South Federal Savings Bank, Irondale, AL | work=[[Federal Deposit Insurance Corporation]]}}</ref>
Headquartered in Las Vegas, it was founded in 2004 as Beal Savings Bank. The bank was renamed Beal Bank Nevada in 2007,<ref>(2007). "Beal Savings Bank to Be Renamed Beal Bank Nevada." PR Newswire. January 2.</ref> and became Beal Bank USA in August 2011.


In January 2010, Beal Bank acquired Charter Bank of Santa Fe.<ref>{{cite news | url=https://www.santafenewmexican.com/news/local_news/charter-bank-quietly-reopens-under-new-ownership/article_071eb367-18a1-5f42-82c8-66c58ea0e369.html |title=Charter Bank Quietly Reopens Under New Ownership | first=Bob | last=Quick | work=[[The Santa Fe New Mexican]] | date=January 25, 2010 | url-access=subscription}}</ref> Its branches were sold to [[WaFd Bank]] in June 2011.<ref>{{Cite news | url=https://www.bizjournals.com/albuquerque/news/2011/06/09/washington-federal-buys-charter-bank.html | title=Washington Federal buys Charter Bank | work=[[American City Business Journals]] | date=June 9, 2011 | url-access=subscription}}</ref>
==Affiliates==


In 2016, the bank acquired Sundevil Holdings LLC, the owner of two gas-fired power plants in Arizona, for a credit bid of $150 million after the company filed bankruptcy. It sold the units for $330 million in 2017.<ref>{{Cite news | url=https://www.wsj.com/articles/beal-bank-wins-court-approval-to-buy-sundevil-power-plants-1472060856 | title=Beal Bank Wins Court Approval to Buy Sundevil Power Plants | first=Lillian | last=Rizzo | work=[[The Wall Street Journal]] | date=August 24, 2016 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/6tslkhg6uf4rbalvtoacna2 | title=Beal seeks FERC approval to sell Gila River units to Salt River Project | first=Usman | last=Khalid | work=[[S&P Global]] | date=November 21, 2017}}</ref> Beal argued before federal regulators that California policies discriminated against generators powered by fossil fuels and “left [the state] dependent on energy sources that are unreliable for round-the-clock power”. Regulators determined in June 2019 that clean-energy providers had been “receiving unfair subsidies that allowed them to submit low bids to power purchasers”. According to the ''New York Times'', Beal’s complaint against this discrimination aimed to “create a fair market and ensure system reliability, not to impede California’s transition to a carbon-free electric grid”.<ref name=bet/>
Through affiliated companies based in Dallas, both banks are active in commercial real estate acquisition as well as individual loan and loan portfolio acquisition. They also fund loans and participations in loans secured by real estate, energy, power, gas, manufacturing, timber, transportation and distribution, and other tangible assets. Affiliated companies include:
*CSG Investments Inc.<ref>[http://www.csginvestments.com/ public website for CSG Investments, Inc.]</ref>
*Loan Acquisition Corporation<ref>[http://loanacquisitioncorp.com/ public website for Loan Acquisition Corporation]</ref>
*CLG Hedge Fund, LLC<ref>[http://www.clghedgefund.com/ public website for CLG Hedge Fund, LLC]</ref>
*UmbrellaBank.com<ref>[http://www.umbrellabank.com UmbrellaBank.com]</ref> an online-only bank that is a division of Beal Bank
*MyCDBank.com<ref>[http://www.mycdbank.com MyCDBank.com]</ref> an online-only bank that is a division of Beal Bank USA


In November 2020, the bank acquired the $1 billion Campus at [[Legacy West]] development via foreclosure.<ref>{{Cite news | url=https://www.bizjournals.com/dallas/news/2020/11/12/lender-takes-over-deed-of.html | title=Beal Bank subsidiary takes over control of The Campus at Legacy West | first=Ryan | last=Salchert | work=[[American City Business Journals]] | date=November 12, 2020 | url-access=subscription}}</ref>
==UmbrellaBank.com==
UmbrellaBank.com is an online-only division of Beal Bank that offers [[certificates of deposit]], [[money market account]]s, statement savings accounts, and [[individual retirement account]]s.<ref>[https://www.umbrellabank.com/ Savings products offered to public on the UmbrellaBank.com site]</ref> It was formerly owned by New South Federal Savings Bank, Birmingham, Alabama, but was closed by the FDIC in 2009. Beal Bank assumed management and operations with no loss of customer deposits.<ref>[http://www.fdic.gov/bank/individual/failed/newsouth_q_and_a.html Questions and answers from the FDIC about transition of former assets of New South Federal Savings Bank]</ref>


In 2022, the bank invested heavily in [[Treasury Inflation-Protected Securities]].<ref>{{Cite news | url=https://www.marketwatch.com/story/andy-beal-americas-richest-banker-makes-a-massive-bond-bet-on-inflation-f524dc1e | title=Andy Beal, America’s richest banker, makes a massive bond bet on inflation | first=Nathan | last=Vardi | work=[[MarketWatch]] | date=April 19, 2023 | url-access=subscription}}</ref>
==MyCDBank.com==
myCDbank.com is an online-only division of Beal Bank USA that offers [[certificates of deposit]], [[money market account]]s, statement savings accounts, and [[individual retirement account]]s.<ref>[https://www.myCDBank.com/ Savings products offered to public on the MyCDBank.com site]</ref>


==References==
==References==
{{Reflist|3}}
{{Reflist}}


==External links==
==External links==
*[http://www.bealbank.com/ Beal Bank and Beal Bank USA website]
* {{Official website|https://www.bealbank.com/}}
*[http://www.umbrellabank.com UmbrellaBank.com]
*[http://www.MyCDBank.com MyCDBank.com]
*[http://www.csginvestments.com/ CSG Investments Inc.]
*[http://loanacquisitioncorp.com/ Loan Acquisition Corporation]
*[http://www.clghedgefund.com/ CLG Hedge Fund, LLC]
*[http://www.clgenergyfinance.com/ CLG Energy Finance, LLC]
*[http://fdic.gov FDIC website]
*[https://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html An article on Andrew Beal on Forbes]


⚫
[[Category:Banks based in Texas]]
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[[Category:Companies based in Plano, Texas]]
[[Category:1988 establishments in Texas]]
[[Category:1988 establishments in Texas]]
[[Category:American companies established in 1988]]
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[[Category:Banks based in Texas]]
[[Category:Banks based in the Dallas–Fort Worth metroplex]]
[[Category:Banks established in 1988]]
[[Category:Banks established in 1988]]
⚫
[[Category:Companies based in Plano, Texas]]

Latest revision as of 17:17, 25 August 2024

Beal Financial Corporation
Company typePrivate
IndustryBank
FoundedMarch 10, 1988; 36 years ago (1988-03-10)
FounderAndrew Beal
Headquarters
Plano, Texas
OwnerAndrew Beal
Websitewww.bealbank.com
Footnotes / references
[1][2]
Beal Bank
Number of locations
6
Total assets$4.843 billion (2024)
Footnotes / references
[3]
Beal Bank USA
Company typeBank
FoundedAugust 2, 2004 (2004-08-02)
Headquarters
Las Vegas, Nevada
Number of locations
11
Total assets$18.030 billion (2024)
Footnotes / references
[4]

Beal Financial Corporation is a bank holding company based in Plano, Texas that operates two federally chartered banks: Beal Bank, with 6 branches,[1] and Beal Bank USA, headquartered in Las Vegas, Nevada, with 10 branches and a direct bank.[2] It is on the list of largest banks in the United States. It was founded by and is entirely owned by billionaire Andrew Beal and specializes in acquiring distressed securities at discounted values. It acquires risky loans, but keeps a much higher equity buffer than other banks.[5][6]

History

[edit]

Beal Bank was founded on March 10, 1988 in Dallas, TX by Andrew Beal.[1][7][8] It began with $3 million in capital and a single branch in Carrollton, Texas.[9][10] During the savings and loan crisis, the bank purchased assets and real estate from failing banks and the Resolution Trust Corporation, a government-owned company that liquidated real estate and savings-and-loan assets.[5][8] By 1996, the bank was the most profitable bank in Texas.[11][12][13]

In 2000, the company acquired $1 billion of face value in commercial loans from the Small Business Administration at a discount.[8]

After the September 11 attacks, the company invested in distressed securities of airline companies.[8][14][15]

In 2003, the company acquired Southern Pacific Bank based in Torrance, California, with three branches and $834 million in deposits, after it was shut down by regulators.[16]

On August 2, 2004, it opened Beal Savings Bank headquartered in Las Vegas, Nevada. It was renamed Beal Bank USA in 2012.[2][17]

Beginning in 2004, the bank became a major lender to Donald Trump's casino properties while they went through bankruptcy, also offering to acquire the casinos outright.[18]

Between 2004 and 2007, the company slowed its asset acquisition and began to let its loans run off, as the founder was correctly worried about an impending crisis. Assets shrank from $7.7 billion to $2.9 billion.[19]

From 2008-2009, Beal Bank expanded, hiring analysts and evaluating mortgage bonds, debt and other assets being sold by financial institutions as a result of the 2007–2008 financial crisis. By 2009, the company had purchased nearly $5 billion in assets, including $1.8 billion in residential loans, a $465 million loan to LyondellBasell, and assets from 15 failed banks in the U.S.[20][21]

In April 2009, the company moved its headquarters from Dallas to Plano after buying the former headquarters of Petrofina.[22]

In December 2009, Beal Bank acquired New South Federal Savings Bank based in Irondale, Alabama, with $1.5 billion in assets.[23][24]

In January 2010, Beal Bank acquired Charter Bank of Santa Fe.[25] Its branches were sold to WaFd Bank in June 2011.[26]

In 2016, the bank acquired Sundevil Holdings LLC, the owner of two gas-fired power plants in Arizona, for a credit bid of $150 million after the company filed bankruptcy. It sold the units for $330 million in 2017.[27][28] Beal argued before federal regulators that California policies discriminated against generators powered by fossil fuels and “left [the state] dependent on energy sources that are unreliable for round-the-clock power”. Regulators determined in June 2019 that clean-energy providers had been “receiving unfair subsidies that allowed them to submit low bids to power purchasers”. According to the New York Times, Beal’s complaint against this discrimination aimed to “create a fair market and ensure system reliability, not to impede California’s transition to a carbon-free electric grid”.[18]

In November 2020, the bank acquired the $1 billion Campus at Legacy West development via foreclosure.[29]

In 2022, the bank invested heavily in Treasury Inflation-Protected Securities.[30]

References

[edit]
  1. ^ a b c "Beal Bank". Federal Deposit Insurance Corporation.
  2. ^ a b c "Beal Bank USA". Federal Deposit Insurance Corporation.
  3. ^ "View -- Executive Summary Report". Federal Financial Institutions Examination Council.
  4. ^ "View -- Executive Summary Report". Federal Financial Institutions Examination Council.
  5. ^ a b Effinger, Anthony (July 9, 2011). "His hedge against risk: Bank deposits". The Washington Post.
  6. ^ Vardi, Nathan (April 15, 2015). "The Billionaire Banker Ready to Bet on Oil". Forbes.
  7. ^ Bandell, Brian (November 9, 2009). "Texas Billionaire Beal Seeks Failed Florida Bank". American City Business Journals.
  8. ^ a b c d Anders, George (January 13, 2005). "Maverick Banker in Texas Chases Distressed Assets". The Wall Street Journal.
  9. ^ "Beal Bank Owner Paved His Own Road to Becoming Dallas' Richest Man". The Dallas Morning News. February 21, 2010.
  10. ^ Pappalardo, Joe (March 1, 2001). "Love & Rockets". Dallas Observer.
  11. ^ Welch, David (July 15, 1996). "The Thrill is Gone: Beal Looks Beyond RTC Loans". American City Business Journals.
  12. ^ Bounds, Jeff (March 16, 1998). "Beal Aerospace Ready for Launch". American City Business Journals.
  13. ^ RICE, Melinda (February 1, 2000). "The Beal Conjecture". D Magazine.
  14. ^ Vardi, Nathan (January 23, 2013). "Billionaire Banker Targeting Big Banks Over Mortgages". Forbes.
  15. ^ "Andy Beal's road to become a billionaire with FDIC assets". The Economic Times. Bloomberg News. July 6, 2011.
  16. ^ "Regulators Close Southern Pacific". Los Angeles Times. February 8, 2003.
  17. ^ Segall, Eli (December 31, 2014). "Beal Bank's L.V. Headquarters Are Tiny, But Its $2.2B in Deposits Pack a Punch". Las Vegas Sun.
  18. ^ a b Penn, Ivan; Kaplan, Thomas (March 29, 2019). "A Texan's Big Bet on a Fossil-Fuel Future for California". The New York Times.
  19. ^ Weisenthal, Joe (April 4, 2009). "Texas Billionaire Andy Beal: Half The Country's Banks Could Go Bust". Business Insider.
  20. ^ Vardi, Nathan (March 1, 2010). "Billionaire Banker's Blowout Year". Forbes.
  21. ^ Vardi, Nathan (July 11, 2012). "The Banker Who Said No". Forbes.
  22. ^ Habal, Hala (September 3, 2000). "Beal Nabs Fina Campus". American City Business Journals.
  23. ^ Watt, Chad Eric (December 18, 2009). "Beal Bank acquires assets of failed New South Federal Savings Bank". American City Business Journals.
  24. ^ "Failed Bank Information for New South Federal Savings Bank, Irondale, AL". Federal Deposit Insurance Corporation.
  25. ^ Quick, Bob (January 25, 2010). "Charter Bank Quietly Reopens Under New Ownership". The Santa Fe New Mexican.
  26. ^ "Washington Federal buys Charter Bank". American City Business Journals. June 9, 2011.
  27. ^ Rizzo, Lillian (August 24, 2016). "Beal Bank Wins Court Approval to Buy Sundevil Power Plants". The Wall Street Journal.
  28. ^ Khalid, Usman (November 21, 2017). "Beal seeks FERC approval to sell Gila River units to Salt River Project". S&P Global.
  29. ^ Salchert, Ryan (November 12, 2020). "Beal Bank subsidiary takes over control of The Campus at Legacy West". American City Business Journals.
  30. ^ Vardi, Nathan (April 19, 2023). "Andy Beal, America's richest banker, makes a massive bond bet on inflation". MarketWatch.
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