| Corporate Profile
![]() BEACON FEDERAL BANCORP, INC. (NASDAQ - BFED)
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| Market Value ($M) | 58.68 | | Stock Quote | $ 8.97 | | Change | $ 0.09 
1.01 % | | Volume | 405 | | As of February 9, 2010 9:42 AM
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| Beacon Federal Bancorp, Inc. is the parent company of Beacon Federal. Beacon Federal was organized in 1953 as the Carrier Employees Federal Credit Union, serving the employees of Carrier Corporation in Syracuse, New York.
During the 1980s, Beacon Federal grew through acquisitions of and mergers with smaller credit unions operating at Carrier Corporation production facilities throughout the United States, including credit unions in Tyler, Texas and McMinnville, Tennessee. In the period through 1996, Beacon added over 150 select employer groups to its membership. Beacon Federal also acquired credit unions in Tyler Texas, Syracuse, New York and Concord, Massachusetts.
In July 1999, the credit union converted its charter to the federal mutual association charter and changed its name to Beacon Federal in order to further accelerate its growth by removing the field of membership constraints associated with the credit union charter and in order to diversify its loan portfolio to include commercial loans and mortgage loans.
After its conversion to a federal mutual savings association, Beacon Federal continued its growth, merging with two credit unions in McMinnville, Tennessee in 2000 and 2001, one credit union in Syracuse, New York in 2003, and one credit union in Marcy, New York in 2006.
As a result of the acquisitions, Beacon Federal now serves a variety of market areas in economically diverse parts of the country. Moreover, since the completion of the acquisitions, Beacon Federal has expanded its lending and deposit-generating operations to these other branch locations.
In September 2007, the membership of Beacon Federal approved a plan of conversion from mutual to stock form and to consummate the related stock offering by Beacon Federal Bancorp, Inc. The shares of Beacon Federal Bancorp trade on the NASDAQ Global Market under the ticker symbol “BFED”.
Beacon Federal offers a variety of deposit and loan services to individuals and businesses in our market areas. Beacon Federal also sells insurance and investment products and tax-preparation services through its subsidiary, Beacon Comprehensive Services, Inc.
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