Beal Becomes Billionaire With FDIC Assets

[Parsad]

Interesting article on Andy Beal, of Beals Bank, and his interests in distressed investments.  Cheers!

 

http://www.bloomberg.com/news/2011-06-29/beal-becomes-billionaire-with-fdic-assets-as-he-tops-poker-pros.html

[dcollon]

I have always enjoyed reading about Andy Beal.  Thanks for posting the link. 

 

Here is an older article about him as well http://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html

 

 

[hyten1]

man this guy is awesome

 

i look for deals everyday.... can't seem to find anything great :(

[Rabbitisrich]

Sounds like a wonderful use of brokered deposits and FHLB advances. So great to see FDIC insurance properly applied! 35% equity to assets? Man, if only more banks ran like Beal's we wouldn't have had a recession.

 

 

[dcollon]

"Beal Bank USA’s headquarters in Summerlin is as plain and suburban as they come. It’s a strip-mall storefront, just two doors from a Domino’s Pizza and near a Hallmark store and McDonald’s.

 

It’s no ordinary branch, though. It holds about $2.2 billion in deposits, one of the largest stockpiles of any bank branch in Southern Nevada."

 

http://www.vegasinc.com/business/2014/dec/31/beal-banks-lv-headquarters-tiny-its-22b-deposits-p/

 

[Morgan]

I was just thinking of this guy the other day and couldn't remember his name. What perfect timing. Thanks for sharing!

[PatientCheetah]

I am wondering if similar fixed income assets exist at a huge discount in the energy space right now e.g. drilling rights, lease on rigs, pipeline usage rights, etc.

[ScottHall]

I read the book in the article, "The Professor, the Banker and the Suicide King."

 

It's pretty good, details his battles with the poker pros. Interesting to see what happens when someone so insanely successful enters a field where they have basically no experience, and how they try to solve that disadvantage.