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iolta
eligible financial institutions... as of
06/10/2010 11:53 AM
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. |
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IOLTA Eligible Financial Institutions |
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AmBank |
Gallup Federal Savings Bank |
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American Heritage Bank |
Grants State Bank |
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Bank 1st |
High Desert State Bank |
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Bank of Albuquerque |
International State Bank |
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Bank of America |
Ironstone Bank |
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Bank of Las Vegas |
Lea County State Bank |
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Bank of the Rio Grande |
Los Alamos National Bank |
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Bank of the Southwest at Roswell |
Main Bank |
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Bank of the West |
My Bank |
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BBVA Compass Bank |
New Mexico Bank & Trust |
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Centinel Bank of Taos |
Peoples Bank |
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Century Bank of Santa Fe |
Pinnacle Bank of Gallup |
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Charter Bank |
Pioneer Bank |
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Citizens Bank of Farmington |
Portales National Bank |
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Citizens Bank of Las Cruces |
Roswell National Bank |
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City Bank NM |
Southwest Securities FSB |
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Clovis National Bank |
Sunrise Bank of Albuquerque |
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Community 1st Bank Las Vegas |
The Bank of Clovis |
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Community Bank |
The Carlsbad National Bank |
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Farmers & Stockmens Bank |
The Citizens Bank of Clovis |
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Farmington Savings Bank |
The First National Bank of New Mexico |
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First Community Bank |
Union Savings Bank |
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First Federal Bank |
Valley Bank of Commerce |
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First Financial Bank NA |
Valley National Bank |
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First Financial Credit Union |
VectraBank |
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First National Bank in Alamogordo |
Wells Fargo Bank New Mexico |
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First National Bank of Ruidoso |
Western Bank of Alamogordo |
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First National Bank of Santa Fe |
Western Bank of Clovis |
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First New Mexico Bank |
Western Bank of Lordsburg |
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First Savings Bank |
Western Commerce Bank |
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First State Bank of Socorro |
Western Heritage Bank |
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Four Corners Community Bank |
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