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Standby Letters of Credit Business Services

A business owner may need a standby letter of credit to pledge to a creditor or landlord. The Bank is acting as an intermediary in this transaction. The customer pledges a cash account to the Bank and the Bank writes an SLC to the creditor that states we will give them the cash in the event of default of the business to the creditor. We will only complete this transaction with cash or equivalent collateral. We charge an annual fee.