Bank One Nails New Letters of Credit Deal with Lowe's Home Improvement

When Banker Christopher Murphy and Trade team members hammered out the recent deal between Bank One/#Chase and #Lowe's Companies, the combination of superior product, competitive pricing and creative people collectively proved a winning formula. This import letter of credit relationship is expected to earn in excess of $600,000 annually. In addition, nearly that much can be earned every year as Bank One goes live with the processing of open account transactions and a new post shipment vendor financing program.

Lowe's Companies, Inc. of Mooresville, NC, has established itself as one of the leading #homeimprovement dealers. With $26 billion in sales and 875 stores in 45 states, it is the second-largest home improvement chain and 14th-largest retailer in the U.S. Lowe's, on average, is opening a new store every three days. #Forbes named the 57-year-old company "Most Admired Speciality Retailer" for 2003. The overall Bank One relationship with Lowe's began in 1998. The bank serves as a managing agent in Lowe's $800 million revolving credit facility, and the company is a treasury management customer earning #BankOne more than $500,000 YTD in 2003.

The Trade sales effort began more than a year ago and concluded with a proposal that included letters of credit and the ultimate benefit of cost reduction and increased efficiency in the company's supply chain. Key to the win was Bank One's proprietary Trade

Payment Exchange51-nLTPKI online tool set. TPX is of interest to #importers looking to reduce accounts payable processing costs, streamline the creation of letters of credit and open account orders, and more closely manage payments to vendors.

"TPX is so far ahead of what is out there today," said Trade Sales Officer Helen Meyers.

Reflecting on the many Bank One #Trade wins over the last year, such as #Walmart, #HomeDepot and now Lowe's, Meyers commented, "Winning Lowe's along with the other major names this year is an indication that Bank One really has a #winningcombination of Trade technology and expertise as well as an effective team sales approach."

(Written by Don Scott while employed as Bank One/Chase #communicationsconsultant)