5000 Brittonfield Parkway
n/a
East Syracuse, NY 13057
UNITED STATES
Tel. (315) 433-0111
Fax. n/a
Industry: Banks
On the web: http://www.beaconfederal.com
Employees: 117
Beacon Federal Bancorp, Inc. was incorporated in the State of Maryland. It completed its initial public offering in October 2007. The Company's main business is the business of its wholly owned subsidiary, Beacon Federal (the 'Bank'). The Bank provides financial services through its offices in New York, Massachusetts, Texas, and Tennessee. Its main deposit products are checking, savings, money market and term certificate accounts, and its main lending products are residential mortgage, commercial, and direct and indirect installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Its market area consists of the six counties in which it has its offices - Onondaga and Oneida Counties, New York, Middlesex County, Massachusetts, Rutherford and Warren Counties, Tennessee, and Smith County, Texas, and to a lesser extent contiguous counties. The Bank's subsidiary, Beacon Comprehensive Services (BCSC), sells insurance and investment products and provides tax-preparation services. The Bank faces competition from other savings institutions, commercial banks, credit unions and finance companies in originating real estate and consumer loans and in attracting deposits. Competition for deposits is mainly from other savings institutions, commercial banks and credit unions located in its market areas, as well as mutual funds, internet banking and other alternative investments. The Bank is examined and supervised by the Office of Thrift Supervision and is subject to examination by the Federal Deposit Insurance Corporation.
