In Friday's first round, Bean, a six-time winner on the Champions Tour, shot 9-under-par 63, his lowest single round score since 2003.
It matched Joe Inman's three-year-old course record.
"I hit the ball well all day, I'm talking right at the hole," the 50-year-old Bean said. "All in all it was a very good round. It could have been better, but I'm pleased with the start."
There is a five-way tie for fourth place at 4-under 68.
Defending champion Jay Haas shot 2-over 74 to tie for 69th place.