The Prime Partner program recognizes banks that support access to justice for low income Minnesotans by paying higher interest on IOLTA accounts than is legally required. Currently, Prime Partner banks pay a net interest rate of 0.5%.
Since the recession began in 2006, and with the continuation of historically low interest rates, Minnesota has experienced a catastrophic plunge in IOLTA revenue, from over $3 million annually to under $322,000. The loss of IOLTA revenue translates into millions less in funding for civil legal services and pro bono programs, which in turn means fewer resources to address the legal issues of Minnesota’s growing population of low income and disadvantaged people. Paying 0.5% in IOLTA account interest will translate into tens of thousands in additional funding towards meeting the legal needs of legal services’ clients.
Watch an ABA video on the history of IOLTA.
Community Bank (Amboy, Mankato, Vernon Center) (507) 625-1551
Riverland Bank (Jordan) (952) 492-2750
Western Bank (Metro Area) *formerly Stonebridge Bank*
John Uremovich (612) 238-4810
Neesha Neumann (612) 238-4804
Unity Bank North(Red Lake Falls, Mentor)
Janet Wiskow (218) 253-7001
Do you bank at a Prime Partner bank or want your bank to join the program? Contact Lindsay Davis, Access to Justice Director, firstname.lastname@example.org to get involved.