Three Kansas banks selected as 2019 Outstanding Banks in the IOLTA Program
Wednesday, May 15, 2019
Posted by: Meg Wickham
Lawyers and bankers, working together, bring much needed funding to programs supporting access to justice. Interest collected on trust accounts in the Interest on Lawyer Trust Accounts program (IOLTA), provides direct legal services for low-income Kansans who are victims of crime. Examples of the types of cases include domestic violence, sexual assault, stalking and elder abuse. In addition, IOLTA provides nonprofits in Kansas with funding for projects that provide law-related education to the public, mediation services, immigration legal services and training for court appointed special advocates in the Kansas Court Appointed Special Advocate program.
The 2018 IOLTA partnership with attorneys, banks and the Kansas Bar Foundation (KBF) provided $114,219 in remittances. These funds are used to administrate the program and to support nonprofits selected by the KBF IOLTA Committee. The committee is composed of attorneys, government representatives and a representative from the Kansas Bankers Association.
“The KBF and the IOLTA committee are proud to recognize the significant efforts of these banks, “stated Scott Hill, Chair of the KBF IOLTA Committee. “Providing IOLTA accounts to Kansas lawyers at market or higher rates, or without fees, has resulted in the ability of the KBF to provide greater support to grant recipients, which yields significant dividends to Kansas residents.”
In appreciation for 108 Kansas banks providing IOLTA to Kansas attorneys, the KBF selected three banks to recognize this year. The following banks were selected for their outstanding service and commitment in 2018 to the IOLTA program.
CoreFirst Bank & Trust is recognized as an Outstanding IOLTA Bank and Partner in Justice. A Partner in Justice bank agrees to pay at least 70% of the maximum value of the Federal Funds Target Rate (with a minimum of 0.7%) on all IOLTA deposits and to waive all fees. CoreFirst Bank & Trust is the first IOLTA bank to make this commitment and their decision has resulted in a substantial increase in remittances to the KBF IOLTA program.
“CoreFirst Bank & Trust is proud to partner with the Kansas Bar Foundation to help aid in their mission of providing grants for justice improvement in Kansas. We are delighted that our involvement with the IOLTA program over the last three decades has given families in our community the assistance and access they deserve and don’t always receive. The Partners in Justice program is a perfect example of how collaboration can achieve beneficial objectives for all,” stated Kurt Kuta, President and Chief Executive Officer.
U.S. Bank is recognized as an Outstanding IOLTA Bank for aligning their Lawyer’s Trust Checking account rate tiers with their Platinum Business Money Market rate tiers. U.S. Bank made this decision to confirm that they are paying interest on Lawyer's Trust checking accounts in a manner consistent with their highest interest non-IOLTA product. The alignment ensures accuracy during times when interest rates may change. www.usbank.com
“U.S. Bank is honored to receive the Kansas Bar Foundation 2019 Outstanding IOLTA Bank award. We are proud to be a part of the community and appreciate the partnership we have with the Kansas Bar Foundation,” stated Suzanna Newell, Vice President- Business Banking Deposits and Payments.
Landmark National Bank is recognized as an Outstanding IOLTA Bank for their service throughout Kansas and for waiving fees on IOLTA. With headquarters in Manhattan and their main office in Topeka, Landmark National Bank serves a number of attorneys with their IOLTA needs. www.banklandmark.com
“Landmark National Bank is honored to partner with the Kansas Bar Foundation in providing IOLTA with no fees. We are committed to assisting the foundation in increasing access to justice for individuals and families living in poverty and to improving the administration of justice in Kansas. With 29 branches across the state, we believe it is important for Landmark to be an active and supportive member of our communities,” stated Julie Baalmann, Vice President/Retail Banking Manager at Landmark National Bank.
The KBF has hosted the IOLTA program since 1984. Over the last thirty-five years, over $4 million has been remitted and used to fund non-profits in Kansas providing legal services and programs to assist low-income Kansans.
Anne Woods, Director of Public Services/IOLTA Director
Kansas Bar Association/Kansas Bar Foundation
Direct: (785) 861-8838
Main: (785) 234-5696
About the Kansas Bar Foundation
For over 60 years, the Kansas Bar Foundation has funded opportunities for the citizens of Kansas for charitable and educational projects that foster the welfare, honor and integrity of the legal system by improving its accessibility, equality and uniformity, and by enhancing the public opinion of the role of lawyers in our society. Since 1984, with funding from Interest on Lawyers Trust Accounts, the Foundation has awarded more than $4 million in grants to provide legal services to those who cannot afford them and for law related educational programs. www.ksbar.org/kbf