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iolta
eligible financial institutions... as of
03/10/2010 02:27 PM
The State
Supreme Court of New Mexico, upon the recommendation of its
Access to Justice Commission and following a notice and
comment period, issued an Order creating Rule 24-109,
effective on January 1, 2009, which converted New
Mexico’s opt-out Interest on Lawyer Trust Accounts
(IOLTA) program to a mandatory program with a comparability
requirement. The Court’s leadership in accepting the
recommendations will ensure that IOLTA generates the maximum
revenue possible to provide increased access to justice for
the state’s poverty population during these critical
economic times.
CCV
has certified
as “eligible” those financial institutions that agree to
comply with the comparability and other requirements of the
new Rule. If you currently maintain a non-IOLTA pooled
client trust account, you are required to enroll in
IOLTA, convert the account to interest-bearing and maintain
the account at an eligible financial institution. If you
currently hold an IOLTA pooled client trust account at an
institution that is ineligible, you are
required to move that account to a CCV-certified financial
institution.
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IMPORTANT
NOTICE REGARDING FINANCIAL INSTITUTION ELIGIBILITY
CCV has certified
that the following financial institutions are
“eligible” because they voluntarily offer IOLTA
accounts, and they are in compliance with Rule
24-109, as it pertains to interest paid on IOLTA
accounts. The designation of a
financial institution as eligible does not
constitute a warranty representation or guaranty by
CCV as to the
financial soundness, business practices or other
attributes of the financial institution. In
addition,
CCV takes no position as to whether the
institution provides insurance for funds deposited
into those accounts. Each attorney should
discuss the issue of insurance with a
representative of the institution that holds her/his
IOLTA funds. |
|
Financial Institution |
Eligible |
Status |
|
1st National Bank in Las Cruces |
no |
bank declined to participate |
|
AmBank |
yes |
|
|
American Heritage Bank |
yes |
|
|
Bank 1st |
yes |
|
|
Bank 34 |
no |
bank declined to participate |
|
Bank of Albuquerque |
yes |
|
|
Bank of America |
yes |
|
|
Bank of Las Vegas |
yes |
|
|
Bank of the Rio Grande |
yes |
|
|
Bank of the Southwest at Roswell |
yes |
|
|
Bank of the West |
yes |
|
|
BBVA
Compass Bank |
yes |
|
|
Centinel Bank of Taos |
yes |
|
|
Century Bank of Santa Fe |
yes |
|
|
Charter Bank |
yes |
|
|
Citizens Bank of Farmington |
yes |
|
|
Citizens Bank of Las Cruces |
yes |
|
|
City Bank NM |
yes |
|
|
Clovis National Bank |
yes |
|
|
Community 1st Bank Las Vegas |
yes |
|
|
Community Bank |
yes |
|
|
Farmers & Stockmens Bank |
yes |
|
|
Farmington Savings Bank |
yes |
|
|
First American in Artesia |
no |
bank declined to participate |
|
First Community Bank |
yes |
|
|
First Federal Bank |
yes |
|
|
First Financial Bank NA |
yes |
|
|
First Financial Credit Union |
yes |
|
|
First National Bank in Alamogordo |
yes |
|
|
First National Bank in Roswell |
no |
bank declined to participate |
|
First National Bank of Ruidoso |
yes |
|
|
First National Bank of Santa Fe |
yes |
|
|
First New Mexico Bank |
yes |
|
|
First Savings Bank |
yes |
|
|
First State Bank of Socorro |
yes |
|
|
Four Corners Community Bank |
yes |
|
|
Gallup Federal Savings Bank |
yes |
|
|
Grants State Bank |
yes |
|
|
High Desert State Bank |
yes |
|
|
International State Bank |
yes |
|
|
Ironstone Bank |
yes |
|
|
Lea County State Bank |
yes |
|
|
Los Alamos National Bank |
yes |
|
|
Main Bank |
yes |
|
|
My Bank |
yes |
|
|
New Mexico Bank & Trust |
yes |
|
|
Peoples Bank |
yes |
|
|
Pinnacle Bank of Gallup |
yes |
|
|
Pioneer Bank |
yes |
|
|
Portales National Bank |
yes |
|
|
Roswell National Bank |
yes |
|
|
Southwest Securities FSB |
yes |
|
|
Sunrise Bank of Albuquerque |
yes |
|
|
The Bank of Clovis |
yes |
|
|
The Carlsbad National Bank |
yes |
|
|
The Citizens Bank of Clovis |
yes |
|
|
The
First National Bank of New Mexico |
yes |
|
|
Union Savings Bank |
yes |
|
|
Valley Bank of Commerce |
yes |
|
|
Valley National Bank |
yes |
|
|
VectraBank |
yes |
|
|
Wells Fargo Bank New Mexico |
yes |
|
|
Western Bank of Alamogordo |
yes |
|
|
Western Bank of Clovis |
yes |
|
|
Western Bank of Lordsburg |
yes |
|
|
Western Commerce Bank |
yes |
|
|
Western Heritage Bank |
yes |
|
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