[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1814]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 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
Subject to section 1815(d) 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 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.
(Sept. 21, 1950, ch. 967, Sec. 2[4], 64 Stat. 875; Pub. L. 97-320, title
I, Sec. 113(c), Oct. 15, 1982, 96 Stat. 1473; Pub. L. 101-73, title II,
Secs. 201(a), 205, Aug. 9, 1989, 103 Stat. 187, 194; Pub. L. 102-242,
title I, Sec. 115(b), Dec. 19, 1991, 105 Stat. 2249; Pub. L. 102-550,
title XVI, Sec. 1603(b)(6), Oct. 28, 1992, 106 Stat. 4079.)
Prior Provisions
Section is derived from subsec. (e) of former section 264 of this
title. See Codification note set out under section 1811 of this title.
Amendments
1992--Subsec. (b). Pub. L. 102-550 amended directory language of
Pub. L. 102-242, Sec. 115(b). See 1991 Amendment note below.
1991--Subsec. (b). Pub. L. 102-242, Sec. 115(b), as amended by Pub.
L. 102-550, Sec. 1603(b)(6), amended subsec. (b) generally, substituting
present provisions for provisions which related to certification by
other banking agencies.
1989--Pub. L. 101-73, Sec. 201(a), substituted references to insured
depository institutions for references to insured banks wherever
appearing.
Subsec. (a). Pub. L. 101-73, Sec. 205(1), inserted heading,
designated existing provisions as par. (1), inserted par. (1) heading,
and substituted ``Each bank'' for ``Every bank'', and added par. (2).
Subsec. (b). Pub. L. 101-73, Sec. 205(2)(A), (B), inserted after
first sentence ``Any application or notice for membership or to commence
or resume business shall be promptly provided by the appropriate Federal
banking agency to the Corporation and the Corporation shall have a
reasonable period of time to provide comments on such application or
notice. Any comments submitted by the Corporation to the appropriate
Federal banking agency shall be considere
