N.Y. Banking Law § 33: Reserve depositaries

§ 33. Reserve depositaries. The superintendent shall, in his

discretion, upon the nomination of any bank, trust company, industrial

bank, foreign banking corporation authorized to maintain a branch or

branches in this state or private banker, designate as a depositary for

its reserves on deposit a bank, trust company, private banker or

national bank located in this state, or a banking corporation located

elsewhere in the United States if such banking corporation shall make

such reports as the superintendent may prescribe and shall submit to

such examinations as he may deem necessary. No such bank, trust

company, private banker, national bank or banking corporation may be a

depositary of any such reserves unless it shall have a combined capital

and surplus of at least

(1) One million dollars, if located in a borough in this state which

has a population of one million five hundred thousand or over;

(2) Seven hundred and fifty thousand dollars, if located in a borough

in this state which has a population of one million or over and less

than one million five hundred thousand or in a city in this state not

divided into boroughs which has a population of four hundred thousand or

over;

(3) Five hundred thousand dollars, if located elsewhere in this state;

(4) Two million dollars, if located outside this state.

No bank, trust company, private banker or national bank located in a

borough having a population of one million five hundred thousand or over

which does not have a combined capital and surplus of at least two

million dollars, may be a depositary for such reserves unless it shall

have a combined capital and surplus greater than the combined capital

and surplus of the bank, trust company, industrial bank, foreign banking

corporation authorized to maintain a branch or branches in this state or

private banker depositing such reserves.