Letters of Credit

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A handshake used to be all you needed to solidify one's word. Today big business is a very different landscape.

A letter of credit can provide your business with extra credential support to enhance your possibilities with a new supplier or business partner — especially when it comes to international commerce. Nobody knows your finances better and wants you to succeed more than a bank centered right in your own community.

Features
  • Provides guarantee on payments of large purchases to third parties
  • Irrevocable; cannot be canceled or amended without the agreement of all parties
  • Established with a loan agreement; loan becomes liquidity if letter is called upon
  • Can replace need for costly insurance company performance bond
  • Typically issued for 1-year term or less
  • Terms easily renewed
  • Fee is based on face value amount
  • Interest accrues only if we must make payment to beneficiary on your behalf

*Subject to approval.