Beal Bank is an American bank, which was founded by Texas-based entrepreneur D. Andrew "Andy" Beal. It includes two separately chartered banks, Beal Bank and Beal Bank USA. Each entity is insured by the Federal Deposit Insurance Corporation (FDIC). As wholesale banks, they do not offer consumer loans or checking accounts, and generally purchase loans within the secondary market rather than originating them. As of June 30, 2022, the banks had combined total assets of more than $19.1 billion and combined total capital of more than $3.5 billion. History Beal Bank was founded in 1988 in Dallas, TX. Throughout the 1990s, the company purchased undervalued real estate and savings and loan assets. In 2000, the company purchased more than $1 billion of commercial loans from the Small Business Administration. The company moved its headquarters from Dallas to Plano after buying the former headquarters of the petroleum company, FINA Inc. and began increasing its staff. Throughout its history, Beal Bank has purchased undervalued assets, including power company bonds during the California electricity crisis and debt backed by jetliners following September 11 attacks in 2001. The company acquired the Torrance, California-based Southern Pacific Bank, its three branches and $834 million in deposits in 2003. In 2004, it opened Beal Savings Bank, which later became Beal Bank USA, in Las Vegas, Nevada. Between 2004-2007, the company slowed its asset acquisition and began to let its loans run off. During this time, assets shrank from $7.7 billion to $2.9 billion. 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 financial crisis of 2007-2008. By 2009, the company had purchased nearly $5 billion in assets, including $1.8 billion in residential loans, a $465 million loan to the chemical company Lyondell and some of the assets of 15 failed banks around the U.S. As a result, total reported net income rose from $281 million in 2008 to $559 million in 2009, and its assets increased to $9.2 billion. In 2009, Beal Bank acquired New South Federal Savings Bank in Alabama. New South's online-only banking subsidiary, UmbrellaBank.com, continues to operate as a division of Beal Bank. In January 2010, Beal Bank acquired Charter Bank of Santa Fe after the bank began having problems with its commercial loans before its assets were transferred to Beal Bank. Its branches were later sold to