12 U.S.C. § 1814 — Insured depository institutions

(a) Continuation of insurance. (1) Banks. A bank that was an insured depository institution on September 21, 1950, automatically remains an insured depository institution. It does not need to apply or receive approval, and it is subject to this chapter. (2) Savings associations. A savings association whose accounts were insured by the Federal Savings and Loan Insurance Corporation on August 8, 1989, automatically becomes an insured depository institution. It does not need to apply or receive approval. (b) Continuation of insurance upon becoming a member bank. If an insured bank joins the Federal Reserve System, or if an insured State bank becomes a national member bank, the bank continues as an insured bank. (c) Continuation of insurance after conversion. This rule is subject to section 1815(d) of this title and section 1464(i)(5) of this title. (1) A State depository institution created by converting an insured Federal depository institution continues as an insured depository institution. (2) A Federal depository institution created by converting an insured State or Federal depository institution continues as an insured depository institution. (d) Continuation of insurance after merger or consolidation. A State or Federal depository institution created by merging or consolidating insured depository institutions, or by merging or consolidating a noninsured depository institution with an insured depository institution, continues as an insured depository institution.