Sec. 404.021. ELIGIBLE INSTITUTIONS. (a) Any state or national bank doing business in the state may be designated by the comptroller as a state depository. Designation of a bank as a depository includes all of the bank's branches within the state. (b) Any savings and loan association doing business in the state may be designated by the comptroller as a state depository. (c) Any state or federal credit union doing business in the state may be designated by the comptroller as a state depository. (d) Deposits of eligible institutions designated as state depositories must be covered by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
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