|Born||Daniel Andrew Beal
November 29, 1952
Lansing, Michigan, U.S.
|Education||Graduate, Sexton High School, Lansing MI
Attended Michigan State University and Baylor University
|Occupation||Banker, businessman, investor, poker player, mathematician|
|Known for||Founder and chairman, Beal Bank and Beal Bank USA|
|Net worth||US$7.6 billion (February 2016)|
Simona Beal (divorced)
Two with Spouse1
Four with Simona Beal
|Website||Andy Beal website|
Daniel Andrew "Andy" Beal (born November 29, 1952) is an American banker, businessman, investor, poker player, and amateur mathematician. He is a Dallas-based businessman who accumulated wealth in real estate and banking. Born and reared in Lansing, Michigan, Beal is founder and chairman of Beal Bank and Beal Bank USA, as well as other affiliated companies. Beal has an estimated worth of USD$7.6 billion as of February 2016.
A number theorist, Beal is also known for the Beal conjecture, a mathematical generalization of Fermat's Last Theorem. He has funded a USD$1,000,000 standing prize for its proof or disproof. His banks also sponsor two annual science and technology fairs affiliated with the International Science & Engineering Fair. Beal also participated in some high-stakes poker games in the mid-2000s that were the subject of a book.
Beal grew up in Lansing, Michigan, where his mother worked in state government and his father was a mechanical engineer. His siblings include an older brother and a younger sister. As a teenager, Beal began earning money by fixing and reselling used televisions with the help of his uncle. While attending high school he also installed apartment security systems. He also started a business moving houses and managed rental properties.
Beal excelled on his high school debate team at Lansing Sexton High School and went on to enroll at Michigan State University, where he studied mathematics.
Business ventures and investments
Real estate investing
At age 19, Beal became a real estate investor, where he bought a house in Lansing for USD$6,500 and started renting it for $119 per month. Beal became known for buying properties, renovating them and selling them. In 1976, he attended an auction of federal properties in Washington, DC and bid on an apartment building in Waco, TX. His winning bid was USD$217,500. Three years later he sold the building for more than $1 million. Also in 1976, he enrolled at Baylor University in Waco, TX, but left school to focus on business endeavors.
In 1981, Beal and a partner bought two housing project buildings in disrepair, the Brick Towers in Newark, NJ, for USD$25,000. Two years later they sold the repaired buildings for $3.2 million to a private investor.
Beal Bank and Beal Bank USA
In 1988, Beal opened a bank in Dallas, and in 2004 another in Las Vegas. Since then, the banks have purchased financial assets and held them as the market improved. The Banks’ purchases have included:
- Power generation and infrastructure bonds during the post-Enron California rolling blackouts and energy-deregulation crisis in 2001
- Debt instruments backed by aircraft after the 9/11 terrorist attacks on the USA
- Commercial and real estate loans during the global credit crisis of 2008
Based on the Uniform Bank Performance Report from the Federal Financial Institutions Examination Council, Beal Bank’s return on assets (ROA) was 8.1 in 2008, several times in excess of its peer group (insured savings banks with assets greater than $1 billion). From 2009-2012 Beal Bank generally exceeded its peer group.
Beal Bank USA’s ROA is generally several times in excess of its peer group (insured commercial banks with assets greater than $3 billion).
Beal Bank and Beal Bank USA report combined total capital in excess of $2.9 billion and combined total assets in excess of $9.5 billion as of September 2012.
They have a total of 37 branch locations and offer online banking also. Both banks are members of and are insured by the Federal Deposit Insurance Corporation (FDIC). They offer deposit products to the public including CDs, money market accounts, statement savings accounts, and IRA CD accounts that are insured by the FDIC. Because they do not offer consumer loans or checking accounts, the banks are considered wholesale banks. Both banks purchase pools of non-agency residential first liens and commercial real estate-secured loans in order to fund commercial loans and participations in loans and syndications, through affiliates.
Beal’s major businesses as of 2013 include:
- Beal Bank, based in Dallas
- Beal Bank USA, based in Las Vegas, NV, and founded in August 2004 (formerly Beal Bank Nevada)
- CSG Investments. Inc.,  based in Dallas
- Loan Acquisition Corporation,  based in Dallas
- CLG Hedge Fund, LLC,  based in Dallas
In 1997, as part of a space privatization trend encouraged by the federal government, Beal started an aerospace company to build rockets with the goal of placing communications satellites in orbit. Operating with more than 200 employees from a 163,000-square-foot space in Frisco, Texas, Beal Aerospace focused on a three-stage, 200-foot-tall rocket. Powered by hydrogen peroxide and kerosene, the engine eliminated the need for a separate ignition system because, as the hydrogen peroxide oxidized, it ignited the kerosene.
Facing competition from new NASA-funded group initiatives, Beal closed the company and ceased operations on Oct. 23, 2000, citing the difficulty private companies face when competing with the governmental subsidies of NASA.
Through his banks, Beal is an annual title sponsor of:
- The Dallas Regional Science and Engineering Fair, affiliated with Southern Methodist University
- The South Nevada Regional Science and Engineering Fair, affiliated with the University of Nevada, Las Vegas
Beal has funded more than $1 million in prizes for the events. Both fairs are sanctioned events of the International Science & Engineering Fair, and open to students in grades 6 through 12 with winners moving on to national and international competitions.
Through Beal Bank, Beal also donated $1 million to the Perot Museum of Nature and Science in Dallas, which opened in December 2012. Beal’s companies donated more than 200 computers to the Dallas Independent School District  for student use.
Beal is self-taught in number theory in mathematics. In 1993, he publicly stated a new mathematical hypothesis that implies Fermat's Last Theorem as a corollary. His hypothesis has become known as the Beal Conjecture. No counterexample has been found to the conjecture.
To encourage research on the conjecture, Beal has personally funded a standing prize of USD$1,000,000 for its proof or disproof. The funds are held in trust by the American Mathematical Society, and an informational website on the Beal Conjecture (www.bealconjecture.com) is hosted by the University of North Texas.
As of April 2014, the Beal Conjecture prize remains unclaimed.
During visits to Las Vegas between 2001 and 2004, Beal participated in high-stakes poker games against professional players. The games included USD$100,000 to $200,000 limit Texas Hold 'Em poker. On May 13, 2004, at the Las Vegas Bellagio, Beal won one of the largest single hands in poker history, $11.7 million. The games have been chronicled in the Michael Craig book, “The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time.”
While the games outlined in Craig's book ended in 2004, Beal returned to Las Vegas from February 1–5, 2006 to again take on "The Corporation" in a $50,000/100,000 Limit Hold 'Em match at the Wynn Las Vegas Casino. Opponents included Todd Brunson, Jennifer Harman, Ted Forrest, and others.
On February 5, 2006, Beal was down $3.3 million (USD). He then returned to the Wynn Casino a week later, and won approximately $13.6 million from the Corporation during daily poker sessions from February 12–15. The games resumed February 21–23, with world champion poker player Phil Ivey representing the Corporation against Beal at limits of $30,000/60,000 and $50,000/100,000. During these three days, Beal lost $16.6 million to Ivey.
Beal has been married twice. He has two children with his first wife. In 1996, he married Estonian immigrant Simona Beal. They have four children. Simona filed for divorce in 2010.
- Antoine Gara. "Andrew Beal". Forbes.
- U.S. Public Records Index, Vol 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.
- "index". bealconjecture.com.
- "The Beal Conjecture". unt.edu.
- "Intel ISEF". Student Science.
- Fletcher, Irwin (24 February 2006). "Andy Beal Versus the Corporation". Poker News. Archived from the original on 9 November 2006. Retrieved September 30, 2006.
- "Beal Bank owner paved his own road to becoming Dallas' richest man". dallasnews.com.
- Anders, George (January 13, 2005). "Maverick Banker In Texas Chases Distressed Assets". The Wall Street Journal.
- "FFIEC UBPR Home Page". ffiec.gov.
- "View or download data for individual institutions - FFIEC Central Data Repository's Public Data Distribution". ffiec.gov.
- White, Martha C. "Five Banks That Don't Suck." Big Money. 10 04 2009: n. page. Web. 4 Sep. 2012.
-  Financial summary of Beal Bank and Beal Bank USA on banking industry site depositaccounts.com
- "CSG Investments, Inc. - Home". csginvestments.com.
- "Mortgage Loans - Loan Acquisition Corporation - Home". loanacquisitioncorp.com.
- "CLG Hedge Fund - Home". clghedgefund.com.
- "The Dallas Regional Science and Engineering Fair". The Dallas Regional Science and Engineering Fair.
- "Science Fair - College of Sciences - University of Nevada, Las Vegas". unlv.edu.
- "Major Gifts". Perot Museum of Nature and Science.
- "Dallas Independent School District / Dallas ISD Home". dallasisd.org.
- "American Mathematical Society". American Mathematical Society.
- "index". bealconjecture.com.
- Craig, Michael (2005). The Professor, the Banker, and the Suicide King. pp. 231–237.
- Craig, Michael (April 2006). "The Banker, The Boss, The Junk Man, and The Warrior". Bluff Magazine: 71–06.
- Dallas News: "Beal Bank owner paved his own road to becoming Dallas' richest man" by Brendan Case November 26, 2010
- Dallas News: "Dallas billionaire Andy Beal's divorce turns messy" By BRENDAN CASE December 27, 2010
- Dallas News: "Power tables: Where the elite, Hollywood superstars eat in Dallas" by Alan Peppard March 29, 2012
- Ensign, Rachel Louise; Karmin, Craig; Benoit, David (March 5, 2016). "Donald Trump’s Three Friends in Finance". The Wall Street Journal. Retrieved May 10, 2016.