(AUSTIN, TX) – Texas Access to Justice Foundation, the largest state-based funding source for civil legal aid, announced Farmers Bank & Trust is the newest bank to join the Foundation’s Prime Partner program, an ongoing initiative allowing thousands of Texans to receive more accessible legal assistance. Farmers Bank & Trust has Texas locations in New Boston, Paris, Prosper, and Texarkana.

Prime Partner banks and credit unions voluntarily pay higher interest rates for Interest on Lawyers’ Trust Accounts (IOLTA), a method of raising money for civil legal aid and to support improvements to the justice system. Prime Partner financial institutions pay 75% of the Federal Funds Target Rate on IOLTA accounts, which is well above the eligibility requirements for banks participating in the IOLTA program.

“Many Texans face serious legal issues, such as escaping situations of domestic violence or avoiding foreclosure, and simply do not have the resources to hire an attorney,” Deborah Hankinson, chair of the board of directors for the Texas Access to Justice Foundation, said. “By paying higher interest rates on IOLTA accounts, Farmers Bank & Trust is helping ensure that low-income Texans have access to life-saving civil legal services.”

Approximately five million Texans qualify for legal aid, the second-highest number in the nation. Legal aid organizations help tens of thousands of Texas families each year, but due to a lack of resources, many continue to suffer or unsuccessfully attempt to represent themselves in the complex court system.

“Farmers Bank & Trust is proud to join the Prime Partner Bank program that helps improve the lives of our friends and neighbors who need legal assistance in our communities.”  Chris Gosnell, Chief Executive Officer, President and Chairman of the Board at Farmers Bank & Trust said.

Attorneys who handle client funds are required to keep those funds in IOLTA accounts until they can be made available to a client. TAJF receives funding from the interest generated by these accounts and uses the money to distribute grants to legal aid providers throughout the state. Prime Partners are critical to increasing this funding source that is essential to helping many of Texas’ most vulnerable residents.

Farmers Bank & Trust is one of nearly 30 banks that participate in the Prime Partner Bank program across the state. See a current list of Prime Partner banks in Texas at: http://www.teajf.org/financial_institutions/prime_partners.aspx

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The Texas Access to Justice Foundation, created by the Supreme Court of Texas in 1984, is the largest state-based funding source for the provision of civil legal aid in Texas. The organization is committed to the vision that all Texans will have equal access to justice, regardless of their income. The Foundation administers a variety of funding sources, which are earmarked to assist nonprofit organizations in providing legal aid to more than 100,000 Texas families each year. For more information, please visit: www.teajf.org.

About Farmers Bank & Trust: Founded in 1906, Farmers Bank & Trust is a community bank owned by the privately held holding company Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Farmers Bank & Trust now has over 30 Arkansas, Texas, and Oklahoma locations and approximately $2.9 billion in assets. Farmers Bank offers a full range of deposit services, trust, and investment management services, as well as business, commercial real estate, construction, mortgage, residential, and consumer loans. To learn more, visit:  MyFarmers.Bank.

Contact: Kimberly Schmitt
512-320-0099, ext. 104
kschmitt@teajf.org