News Release
Program Boost Funding for Legal Aid in Texas
AUSTIN, Texas — The Texas Access to Justice
Foundation (TAJF) welcomes First National Bank of
Aspermont as the newest member of the Prime Partner
Bank program. Prime Partner banks and credit unions
voluntarily pay higher interest rates for Interest
on Lawyers’ Trust Accounts (IOLTA), and make a
direct impact on the amount of money available to
help low-income Texans with their civil legal
issues.
The Texas Access to Justice Foundation receives
funding from IOLTA accounts—a method to fund legal
aid by collecting interest on client trust
accounts—and uses the money to distribute grants to
legal aid providers throughout Texas. This funding
provides legal assistance to more than 100,000 Texas
families each year. Prime Partner financial
institutions pay 1 percent on IOLTA accounts, which
is above and beyond the eligibility requirements for
banks participating in the IOLTA program.
“By making the choice to pay higher interest rates
on IOLTA accounts, First National Bank of Aspermont
is helping ensure that low-income Texans will have
access to basic civil legal services,” Richard L.
Tate, chair of the board of directors for the Texas
Access to Justice Foundation, said. “Many Texans
face serious legal issues, such as escaping
situations of domestic violence, and simply do not
have the funds to hire an attorney.”
First National Bank of Aspermont, founded in 1901,
remains one of the oldest businesses serving
Stonewall County and the surrounding areas. In
addition to providing financial support, FNB
Aspermont takes a personal interest in donating time
to the community. The bank is now one of nearly 60
banks that participate in the Prime Partner Bank
Program across the state.
Due to low interest rates, the Texas Access to
Justice Foundation has seen a 75 percent decline in
IOLTA revenue since 2007. The decline in IOLTA
revenue has resulted in decreased funding for access
to the justice system for low-income and
disadvantaged Texans.
“First National Bank of Aspermont values serving the
community,” President Ralph Riddel, III said. “We
are excited to become a Prime Partner Bank and look
forward to the additional funds generated making a
strong impact on underprivileged Texans who need
legal services.”
More than 5.3 million Texans qualify for legal aid
and many are turned away simply because legal aid
providers do not have the resources or funding to
help everyone in need. Prime Partner banks help
mitigate the decline in revenue available to fund
legal aid.
See a current list of Prime Partner banks in Texas
at:
http://www.teajf.org/financial_institutions/prime_partners.aspx
Contact: Kimberly Schmitt
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