In an extraordinary time in an extraordinary national financial crisis some experts say rivals the Great Depression, SunTrust Bank today made an announcement that was, well, extraordinary.

Beginning Tuesday, Oct. 1, 2008, SunTrust is paying 65 percent of the Federal Fund Rate on IOLTA accounts in Georgia. IOLTA stands for Interest On Lawyer Trust Accounts. By order of the Supreme Court of Georgia, banks providing IOLTA accounts to lawyers pay interest on the balances to the Georgia Bar Foundation. These monies are used primarily to fund civil legal assistance to Georgians who cannot afford to pay for legal representation for themselves.

Acknowledging that current IOLTA account balances are at cyclical lows and asserting that funding a number of law-related programs is a challenge at this time, Jenner Wood, CEO of SunTrust Central Group, said, "We are pleased that the interest earned will fund the work of the Georgia Bar Foundation for programs such as aiding children and representing the disadvantaged in legal proceedings."

Joe Brannen, the second Georgia banking executive to be president of the Georgia Bar Foundation, said, "We are really pleased that SunTrust is giving this important support to the Georgia Bar Foundation especially at this challenging time. As president of the Georgia Bar Foundation, I know how badly these additional funds are needed. I thank SunTrust for their decision to pay higher rates on IOLTA accounts. The additional funds will enable us to make an even greater difference in the lives of Georgians in need."

The Georgia Bar Foundation was created for charitable, religious, and educational purposes in 1964. It is a 501(c)(3) organization named by the Supreme Court of Georgia in 1983 to receive IOLTA funds primarily to support civil legal services for the poor. It is also charged with improving the administration of justice; assisting in providing legal education to pre-college, educational programs for Georgia's children; assisting in funding programs for Georgia's children who may become involved with the legal system but who, because they are not a party to a lawsuit, may not be entitled to legal or other assistance; assisting in funding non-degree legal education programs for adults if it is perceived to be necessary to advance local or national understanding of democracy and our governmental systems; and to foster the kind of professionalism in the practice of law which contributes to the public good.

The Foundation has a 19-member Board of Trustees, 16 of whom are appointed directly by the Supreme Court of Georgia and three of whom are members by virtue of being officers of the State Bar of Georgia.