NAB and Tunica-Biloxi Economic Development Corporation partners to construct a new Travel Center
Native American Bank / 2013
NAB was approached by the Tunica Biloxi Economic Development Corporation (EDC) for a commercial loan to construct a new Travel Center which includes a full service fueling station with multiple position gas and diesel dispensers, a Dairy Queen restaurant, a smoke shop and a Louisiana/tribal souvenir area. The EDC explored ten other banks to assist with the project and found Native American Bank was the only lender willing to work with the BIA Loan Guarantee Program and willing to use a leasehold mortgage for collateral. The Travel Center projects have been underwritten and subject to a BIA loan guarantee approval. The Travel Center will not only diversify the EDC's holdings but will provide jobs and services needed on the reservation.
In December 2013, Thomas Ogaard, President and CEO and Clay Colombe, SVP/Chief Lending Officer attended the ground breaking ceremony for the new Tunica-Biloxi Eagle Fuels Gas Station and Dairy Queen restaurant on the Marksville fairgrounds site on the Tunica-Biloxi Reservation in Louisiana slated to open in the spring of 2014.