Arizona IOLTA Banks

Participation in Arizona's IOLTA program is voluntary for financial institutions. Financial institutions are invited to submit the Annual Participation Certification to become approved participants in the program. The financial institutions listed below have submitted the 2013-2014 Participation Certification, which became effective July 1st, 2013, and are approved participants in the Arizona IOLTA program.

For information regarding bank closures and/or acquisitions please refer to:
http://www.azdfi.gov or http://www.fdic.gov

FDIC updates

Arizona Attorney General's Office Issues Opinion on IOLTA Interest

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2013-2014 Participating Banks

Committed to remitting 100% of IOLTA interest
1st Bank Yuma ***
Alerus Financial NA ***
Alliance Bank of Arizona - a division of Western Alliance Bank ***
AmTrust Bank - a division of New York Community Bank
Arizona Bank & Trust ***
Arizona Business Bank ***
Bank of America ***
Bank of Arizona ***
Bank of the West ***
Bank of Tucson a division GrandPoint Bank ***
Bankers Trust ***
BBVA Compass Bank ***
Beach Business Bank
Biltmore Bank of Arizona a division of GrandPoint Bank ***
BMO Harris Bank ***
BNC National Bank
Canyon Community Bank
Carrollton Bank
Central Arizona Bank- NOW Western State Bank ***
Comerica Bank
Commerce Bank of Arizona
Country Bank ***
Enterprise Bank & Trust (formerly Valley Capital Bank N A and Legacy Bank) ***
Esquire Bank ***
FineMark National Bank & Trust
First Fidelity Bank
First International Bank & Trust
First Scottsdale Bank
First Western Trust Bank ***
First-Citizens Bank & Trust Company fka Ironstone Bank ***
FirstBank ***
Gateway Commercial Bank ***
Gold Canyon Bank dba First Scottsdale Bank
Goldwater Bank
Great Western Bank ***
Horizon Community Bank ***
Johnson Bank ***
JPMorgan Chase Bank NA
KS State Bank
M & I Bank is now BMO Harris Bank
Meridian Bank ***
Metro Phoenix Bank ***
MidFirst Bank ***
Mission Bank ***
Mohave State Bank ***
Mutual of Omaha Bank ***
National Bank of Arizona ***
Northern Trust Bank
Parkway Bank
Pinal County Federal Credit Union ***
Pinnacle Bank
Platinum Bank- not currently accepting new AZ IOLTA Accts
RepublicBankAz N A
Stearns Bank ***
Stonebridge Bank
Sunwest Bank (formerly First State Bank)
The Foothills Bank ***
The Village Bank ***
UMB Bank ***
Unison Bank
US Bank ***
Washington Federal
Wells Fargo Bank
West Valley National Bank
Western Bank
Western State Bank

FDIC Updates

On June 22, 2010, the FDIC adopted a final rule extending the TAG program including restrictions on the interest calculations on NOW deposit. Please note that IOLTA accounts are approved separately from other types of NOW deposits and thus are not subject to the rate restriction guidelines. For details, visit http://www.fdic.gov/news/board/rule2.pdf and http://www.fdic.gov/news/board/memo3.pdf.  For additional FDIC deposit insurance updates, visit http://www.fdic.gov/deposit/deposits/changes.html

Arizona Attorney General's Office Issues Opinion on IOLTA Interest

Arizona Attorney General Opinion I09-005 concludes that, under Arizona law, the Arizona Foundation for Legal Services & Education owns the entire beneficial interest in and has the exclusive right to the interest income generated, minus a reasonable service charge or fee, on trust accounts required to be established by attorneys pursuant to the provisions of the Arizona State Bar's Interest on Lawyers Trust Accounts ("IOLTA") program, established by Rule 43 of the Rules of the Supreme Court. Read Opinion.

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