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Bar News - July 23, 2004

Three New Banks Join the Role of IOLTA Leadership Banks

BOW MILLS BANK & TRUST, Siwooganock Bank and Southern New Hampshire Bank have joined the ranks of IOLTA Leadership Banks. Leadership banks are those New Hampshire banks that have created a special rate for IOLTA accounts. These accounts have an interest rate of net 2 percent or higher; exceed the bank’s standard NOW account rate; and waive routine service charges. Last year, IOLTA accounts generated $1,569,681 in interest for the IOLTA Program, $1,364,640 (87 percent) came from accounts with Leadership Banks.

IOLTA is a unique partnership between attorneys and banks in which interest on certain lawyer trust accounts is paid to the New Hampshire Bar Foundation. The interest from these accounts totals more than $1.4 million per year and is used to support legal services to the disadvantaged and public education relating to the courts and legal matters.

The New Hampshire Bar Foundation works with banks in New Hampshire to develop IOLTA products and account rates that will maximize the interest earned. The Leadership Banks listed here are those banks that have been the most generous and creative with their IOLTA account rates.

With the recent economy and plunging interest rates, it is a testimony to the community spirit of these banks that they have kept their IOLTA rates strong and steady during this time. Economic instability means that even more New Hampshire citizens are in need of the services provided by legal services organizations to help with the preservation of income, housing and safety.

On behalf of thousands of New Hampshire people and school children who have benefited from IOLTA grants, the New Hampshire Bar Foundation is grateful for the commitment of these leadership banks to supporting equal access to justice and public education about the law.

The Bar Foundation is also grateful to those attorneys and law firms who do their IOLTA business with IOLTA Leadership Banks, and we strongly and actively encourage all New Hampshire lawyers to request that their banks become Leadership Banks or move their accounts to the banks listed below.

New Hampshire Leadership Banks
(As of June 2004)

Laconia Savings Bank.....................................................2.25%

Merrimack County Savings Bank...................................2.24%

Bank of America/Fleet Bank................................................2%

Bow Mills Bank & Trust......................................................2%

Citizens Bank.......................................................................2%

Mascoma Savings Bank.......................................................2%

Southern New Hampshire Bank...........................................2%

Bank of New Hampshire......................................................2%
(Balances greater than $5000)

Centrix Bank & Trust............................................................2%
(Balances greater than $100,000)

Siwooganock Bank................................................................2%

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