Standby Letters of Credit
First Resource Bank can issue Standby Letters of Credit on behalf of your coustomers to assist them with:
- The financial security requirments of Townships or other goverment entities related to real estate site work oblicaitons (Tri-Party Agreements).
- Guaranteeing their performance under a contract or other monetary obligation, often in lieu of a bid or performance bond.
Letters of Credits are fully secured with either a deposit account, real estate or other collateral acceptable to the bank.
We can provide a flexible payment schedule for the Letter of Credit fee.
Please contact one of our loan representatives to discuss our products and current rates.