Successor Bank As County Depository

Sec. 116.028. SUCCESSOR BANK AS COUNTY DEPOSITORY. (a) If a bank selected to be a county depository and holding county funds is sold to another bank in an adjoining county, the successor bank in the adjoining county may continue to serve as a county depository and apply and be selected as a county depository if the successor bank: (1) continues to have an office in an adjoining county; and (2) timely applies and is selected to be a county depository in a manner that ensures no lapse of service as a county depository. (b) If a bank selected as a county depository and holding county funds closes, a branch of the bank in an adjoining county may continue to serve as a county depository and apply to be a county depository if the successor bank: (1) continues to have an office in an adjoining county; and (2) timely applies and is selected to be a county depository in a manner that ensures no lapse of service as a county depository. Added by Acts 2023, 88th Leg., R.S., Ch. 1043 (S.B. 158), Sec. 2, eff. June 18, 2023. SUBCHAPTER C. SECURITY FOR FUNDS HELD BY DEPOSITORY