Andrew Beal - Business Career

Business Career

In 1981, Beal bought a project building in New Jersey, the Brick Towers. Beal became known for buying properties that no one else would want, feeling that everything he bought could be turned into a profitable property.

His business strategy paid off, and in 1988, he was able to open his first bank in Dallas. At first called Allegiance Savings and Loan Association, the tiny building was the first bank of the company that would later be renamed to Beal Financial, which now includes Beal Bank, Beal Bank Nevada, CSG Investments, Inc., Loan Acquisition Corporation, and Beal Mortgage Services.

During the 1990s, Beal tried to expand Beal Bank's services to include international markets such as Russia and Mexico. These attempts failed and Beal retreated from foreign expansion.

In 1997, Beal started an aerospace company to build rockets capable of placing communications satellites in orbit. After more than 3 years of financial losses, Beal closed the company and ceased operations.

In 2000, Beal Bank bought over $1 billion USD in commercial loans from the SBA. These included loans made to businesses in Palau, and the United States Virgin Islands, where some local businesses had borrowed money from American institutions after Hurricane Hugo.

After the September 11, 2001 attacks, Beal once again went against what some call "common business sense", and began buying aircraft debt. He figured the airlines would recover from the tragedy; aircraft debt prices were very low at the time following the attacks, and Beal bought them expecting to sell them once they rebounded in price. Beal Bank makes about $70,000,000 USD of profit a year from those bonds.