City of Charleston Finance Committee Meeting Agenda April 6, 2026
City Approves WesBanco Letter of Credit for Workers’ Comp
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Description
Charleston approved an agreement with WesBanco, Inc. for a $705,000 standby letter of credit in favor of Encova to secure workers’ compensation liabilities under its large deductible program. The annual credit facility will cost the City $3,925 in fees, subject to legal review.
Contract Details
Contract Amount
$705,000 standby letter of credit; annual cost 0.5% of amount plus $400 documentation fee ($3,925)
Vendor
WESBANCO INC
Agency
City of Charleston, WV
Contract Type
FINANCIAL_SERVICES
Document Date
April 6, 2026
Contract Term
Term starting March 31, 2026 (annual standby letter of credit)
Renewal Date
2027-03-31
Renewal Info
Described as a yearly agreement for workers’ compensation collateral; future renewals would require similar Council authorization.
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