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Letters of Credit

International Trade Services / Letters of Credit

Opportunities for your company in the international business environment are greater now than ever before, and so are the risks.  An experienced partner like First Bank will help you understand the right approach for your business and help you meet your specific business needs.

Our Solutions

  • Export Letters of Credit
  • Transferable Letters of Credit
  • Import Letters of Credit
  • Bankers Acceptances
  • Standby Letters of Credit
  • Documentary Collections

    Export Letters of Credit
    First Bank provides an exporting client with fast and efficient processing of documents to facilitate the collection of your receivables.  We handle the advising and/or the negotiation of the export letters of credit. 

    Transferable Letters of Credit
    For an export letter of credit, First Bank is authorized to transfer the Letter of Credit for a client to a second beneficiary.  First Bank will advise the client (first beneficiary) on the best approach and execute the process. 

    Import Letters Of Credit
    First Bank provides an importing client with fast and efficient processing of import letters of credit to ensure there are no delays in the manufacturing and shipping of merchandise. We will notify a client as soon as a document is received, so the client does not have to pay any demurrage charges or experience any delays in picking up their merchandise.  

    Banker's Acceptances
    First Bank will accept drafts drawn on First Bank in accordance with the letters of credit terms and will monitor maturity dates and notify a client as needed.

    Standby Letters of Credit Transactions
    Standby letters of credit include both financial risk or service performance.  Depending on what kind of Standby Letter of Credit is required the following documents could be presented:

    • Letter of Credit Template
    • Letter of Credit prepared by lawyers
    • Letter of Credit Application
    • Confirmation

    Confirmation
    This shifts the risk from the issuing bank to the confirming bank. Usually confirmations are required when the beneficiaries are insurance companies or banks.

    • Must be stated in the Standby Letter of Credit
    • Our Letters of Credit are confirmed by one of our correspondent banks
    • The applicant pays for the confirmation commission

    Documentary Collections
    Incoming and Outgoing Documentary Collections are done based on the mutual trust between the buyers and the sellers.  We offer two Documentary Collections options:

    1. Incoming Documentary Collections

    • An incoming document payment is a documents against payment.  First Bank will release the shipping documents against payment to a client.
    • For a document against acceptance First Bank will release the shipping documents against the acceptance of the draft by the drawee (The Buyer/Our Client).

    2. Outgoing Documentary Collections

    • For a documents against payment, First Bank will send the shipping documents against payment to the buyer’s correspondent bank, following a clients' instructions. Upon receipt of the incoming payment, First Bank will credit the client’s account and notify them.
    • For a documents against acceptance, First Bank will send the shipping documents against the acceptance of the draft by the Drawee (Buyer) to the buyer’s correspondent bank, following the clients' instructions.  At maturity of the draft and upon receipt of the incoming payment, First Bank will credit a clients's account and notify them. 

    Get Started / Questions? 

    International Operations
    Eric Schoenberg
    800-242-3455, Option 5
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    International Operations
    Sarah Fritzsche
    800-242-3455, Option 5
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    Commercial Relationship Manager

    General Questions

    Your security is important to us.  When communicating via email, please do not include any personal, business or confidential account information.  Thank you!

    Midwest
    Lisa Hughes
    314-995-8787
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    Midwest
    Brenda Poehner
    314-692-6358
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    Northern California
    Kim Rasmussen
    925-287-2343
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    Southern California
    Shelby Sweem
    818-226-3261
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