Press Release from Allied International Holdings, Inc.
TROPIC CAPITAL CORP. SELLS LOAN PORTFOLIO TO BOULEVARD BANK
Allied International Holdings, Inc. (“Allied”) is delighted to announce that Tropic Capital Corp. (“Tropic”) recently sold the majority of its loan portfolio to Boulevard Bank. Prairie Financial (“Prairie”), a division of Boulevard Bank will service the loans on behalf of the bank. We think very highly of Prairie’s management team and are confident that the Prairie staff will service these accounts with the same courtesy and care that the Tropic staff has offered over the years.
While Tropic succeeded for many years in servicing the Outdoor Amusement Industry, the recent costly financing and regulatory environment made it non-economic for Tropic to meet the increased demand for lending. As such, Allied decided to discontinue extending financing for rides and equipment and to focus all efforts on what Allied does best for the industry we know and love. As an essential part of our industry’s fabric for over 30 years, Allied shares an expertise in understanding the risks and needs associated with the operations of these specialized entertainment businesses. This in-depth and comprehensive knowledge gives Allied a very special and unique ability to meet insurance needs which other providers simply do not possess.
The exceptional combined team of Allied Specialty Insurance and T.H.E. Insurance look forward to many more years of utilizing our operational and risk management expertise to benefit customers and the industry we consider family with the services that have defined Allied. We are excited about your past business success and look forward to helping you to continue to grow.
Many well wishes for a healthy and prosperous season!