Indiana Code Title 5. State and Local Administration § 5-1.5-2-6

Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the treasurer of state.  Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively.  In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.

(b) The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.

(c) The cost of the surety bonds required by this section shall be paid by the bank.