Standby Letters of Credit

A flexible tool for a variety of situations

When you encounter a business transaction that requires assurance that your payment will be made a standby letter of credit may be what you need. It doesn't have to be related to the purchase of goods or services. It's based on a contractual agreement or other obligation and is drawn upon by the beneficiary only when the applicant fails to meet the underlying obligation.

Benefits

Advantages of Standby Letters of Credit

Certify

Certify creditworthiness in domestic as well as foreign transactions.

Simplify

Eliminate the need for cash deposits or more complicated guarantees, such as bid or performance bonds.

Validate

Establish creditworthiness of US-based parent companies to subsidiaries overseas.

Save

Reduce banking costs, since standby letters of credit are less expensive than bonding and other credit facilities.

Guarantee

Ensure that international transactions are properly structured.

Business Digital Banking

Manage your business on the go

Manage your accounts from anywhere

Send and transfer money using ACH and wires

Receive account and security alerts

Business Digital Banking

Manage your business on the go

Manage your accounts from anywhere

Business Digital Banking

Manage your business on the go

Send and transfer money using ACH and wires

Business Digital Banking

Manage your business on the go

Receive account and security alerts

Foreign Currency

Make business and travel abroad secure and simple

Get the foreign currency you need to do business in other countries.
Remote Deposit Capture

Deposit money from anywhere

Deposit checks remotely for faster processing and extended deposit hours.

Subject to credit approval.

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