Affiliates
Affiliated companies include Beal Bank Nevada, CSG Investments, Inc., UmbrellaBank.com, and Loan Acquisition Corporation.
Beal Bank Nevada was founded in 2004 as Beal Savings Bank, and was renamed in January 2007. Its headquarters and deposit location are in Paradise, Nevada. Beal Bank Nevada offers Federal Deposit Insurance Corporation-insured term deposit accounts through certificates of deposit (CDs), money market accounts, and other products. It does not offer retail services such as consumer loans and checking accounts but, instead, functions as a direct source of debt for large commercial borrowers.
UmbrellaBank.com is an online-only division which offers certificates of deposit, money market accounts, statement savings accounts, and individual retirement accounts. 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.
Loan Acquisition Corporation buys individual loans and loan portfolios and has been an active buyer 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.
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