12 USC 1814 – Insured depository institutions
(a) Continuation of insurance
(1) Banks
Each bank, which is an insured depository institution on September 21, 1950, shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this chapter.
(2) Savings associations
Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be, without application or approval, an insured depository institution.
(b) Continuation of insurance upon becoming a member bank
In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.
(c) Continuation of insurance after conversion
Terms Used In 12 USC 1814
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- depository institution: means any bank or savings association. See 12 USC 1813
- Federal depository institution: means any national bank, any Federal savings association, and any Federal branch. See 12 USC 1813
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- insured bank: means any bank (including a foreign bank having an insured branch) the deposits of which are insured in accordance with the provisions of this chapter. See 12 USC 1813
- insured depository institution: includes any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank for purposes of section 1818 of this title. See 12 USC 1813
- national member bank: means any national bank which is a member of the Federal Reserve System. See 12 USC 1813
- savings association: means &mdash. See 12 USC 1813
- State: means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See 12 USC 1813
- State bank: means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which&mdash. See 12 USC 1813
- State depository institution: means any State bank, any State savings association, and any insured branch which is not a Federal branch. See 12 USC 1813
Subject to section 1815(d) of this title and section 1464(i)(5) of this title—
(1) any State depository institution which results from the conversion of any insured Federal depository institution; and
(2) any Federal depository institution which results from the conversion of any insured State or Federal depository institution,
shall continue as an insured depository institution.
(d) Continuation of insurance after merger or consolidation
Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, shall continue as an insured depository institution.