Bar News - October 19, 2007
Bar Foundation News
By: Susan Noon
Bar Foundation Welcomes Nashua and Northway Banks
The Northway Bank and the newly formed Nashua Bank recently joined the list of Leadership Banks in the Bar Foundation’s IOLTA program. “The importance of this gesture cannot be overstated, as Leadership Banks account for over 90 percent of the revenue generated for the IOLTA Grants Program,” said David Snyder, executive director of the NH Bar Foundation. The Northway Bank and the Nashua Bank join 16 other banks offering the leadership interest rate of two percent or higher for IOLTA Twenty-two other banks participate in IOLTA but do not currently offer leadership rates.
“The Northway Bank has been serving the North Country for many years and recently expanded into the Lakes Region. They are strong community supporters and further their support by raising the interest rate for IOLTA, which results in more services available through dozens of nonprofit organizations,” noted Snyder. “The interest earned through attorney and law firm IOLTA accounts with Northway Bank will greatly enhance the ability of the Bar Foundation to meet the $1.73 million in grant commitments we made this year.”
Nashua Bank is New Hampshire’s newest bank. “Realizing the importance of the IOLTA Grants Program, Nashua Bank officials approached the NH Bar Foundation during their formation to inquire about becoming a Leadership Bank. We are very pleased to welcome them to New Hampshire as an institution and appreciate their support,” said Snyder.
“Through annual reports, personal visits, and speaking engagements at the NH Bankers Association, the Bar Foundation demonstrates the substantial legal services and educational outcomes achieved through the IOLTA Program,” said Snyder. “The banks want to support the IOLTA Grants Program and they understand that the interest rates they set directly impact the number and size of grants we can award. This program is a tremendous public service quietly being performed by attorneys and the banks every single day.”
More than 2,200 New Hampshire attorneys currently participate in IOLTA. In accordance with the banks, they made it possible for the Bar Foundation to provide $1.73 million in grants to nonprofit organizations serving New Hampshire residents throughout the state last year.
The New Hampshire Bar Foundation is a 501(c)3 charitable foundation dedicated to ensuring that “all people in New Hampshire, especially those with limited means, understand and have meaningful access to the justice system.”
For more information about the Bar Foundation or IOLTA, please visit the Bar Foundation’s Web site: www.nhbarfoundation.org or call Mary White, finance and IOLTA operations coordinator, at 715-3210.
IOLTA Leadership Banks
Bank of America
Bank of New England
Community Guaranty Savings Bank
First Colebrook Bank
Laconia Savings Bank
Mascoma Savings Bank
Meredith Village Savings Bank
Merrimack County Savings Bank
Monadnock Community Bank
The Nashua Bank
Passumpsic Savings Bank
Salem Co-operative Bank