DEPOSITORY INSTITUTION

depository  institution.  1.  An  organization  formed  under  state  or  federal  law,  authorized  by

law to receive deposits, and supervised and examined by a government agency for the protection

of depositors. [Cases: Banks and Banking    1–62. C.J.S. Banks and Banking §§ 2–126, 480–481,

663–664,  697,  732–739,  746–748,  755,  758–783.]  2.  A  trust  company  or  other  institution

authorized by law to exercise fiduciary powers similar to those of a national bank. • The term does

not  include  an  insurance  company,  a  Morris  Plan  bank,  an  industrial  loan  company,  or  similar

bank unless its deposits are insured by a federal agency. [Blacks Law 8th]