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Build new business relationships with support from a bank that’s based in your community.

Key Features

  • Quick Decisions
  • Local Processing
  • Provides guarantee on payments of large purchases to third parties:
    • Submitting bids for sale or purchase of goods
    • Can also be used to guarantee the performance of a service
  • Terms are set by third party
  • Principal generally due on demand
    • No principal balance exists unless payment is required under the terms and conditions of the letter
  • Can replace need for insurance company performance bond
  • Fee is based on face value amount
  • Interest accrues only if beneficiary requests an advance

Based in Greensboro

Other banks have customers. We help neighbors.

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