Center for Civic Values

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Tuesday, 07 Feb 2012

IOLTA Eligible Financial Institutions

State of New Mexico Supreme Court Building

As of 12/13/11

SANTE FE, NM - 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.

CCV extends sincere thanks to our Honor Roll financial institutions below! When opening an IOLTA account, PLEASE remember that due to their waiver of minimum balance requirements or processing fees to CCV, thousands of additional dollars are available annually to help the nearly 1/2 million New Mexicans who benefit from services provided by IOLTA-funded organizations.

"A"

    • AmBank
    • American Heritage Bank

"B"

    • Bank 1st
    • Bank of Albuquerque
    • Bank of the Rio Grande
    • Bank of the Southwest at Roswell
    • BBVA Compass Bank

"C"

    • Century Bank of Santa Fe
    • Citizens Bank of Farmington
    • Citizens Bank of Las Cruces
    • City Bank NM
    • Community 1st Bank Las Vegas
    • Community Bank

"F"

    • First American Bank
    • First Citizens Bank
    • First Financial Bank NA
    • First Financial Credit Union
    • First National Bank in Alamogordo
    • First National Bank of Santa Fe
    • First New Mexico Bank
    • First Savings Bank
    • First State Bank of Socorro
    • Four Corners Community Bank

"G"

    • Grants State Bank

"J"

    • James Polk Stone Community Bank

      "L"

        • Lea County State Bank
        • Los Alamos National Bank

      "M"

        • Main Bank
        • My Bank

      "N"

        • New Mexico Bank & Trust

 

"P"

    • Peoples Bank
    • Pinnacle Bank of Gallup
    • Pioneer Bank

"S"

    • Southwest Securities FSB
    • Sunrise Bank of Albuquerque

"T"

    • The Bank of Clovis
    • The Carlsbad National Bank
    • The First National Bank of New Mexico

"U"

    • Union Savings Bank
    • U.S. Bank

"V"

    • Valley Bank of Commerce
    • Valley National Bank
    • VectraBank

"W"

  • Wells Fargo Bank New Mexico
  • Western Bank of Alamogordo
  • Western Bank of Clovis
  • Western Bank of Lordsburg
  • Western Commerce Bank

Other IOLTA-Eligible Institutions

  • Bank of America
  • Bank of Las Vegas
  • Bank of the West
  • Centinel Bank of Taos
  • Farmers & Stockmens Bank
  • International State Bank
  • The Citizens Bank of Clovis
  • Washington Federal Bank
  • Western Heritage Bank

IMPORTANT NOTICE REGARDING FINANCIAL INSTITUTION ELIGIBILITY

CCV has certified that the above 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.