Pennsylvania Statutes Title 7 P.S. Banks and Banking § 610. Deposits by an institution

(a) Depositories--An institution may deposit its funds in a depository which:

(b) Approval where director or trustee has relationship--If a director or trustee of the institution has a relationship to a depository as either:

the depository shall be approved by a majority of the directors or trustees other than the director or trustee who has such relationship.

(c) Amount of deposit--An institution shall not have on deposit in a single depository at any time an amount which is in excess of twenty percent of the aggregate of its surplus, undivided profits and unallocated reserves in the case of a mutual savings bank, in excess of twenty percent of its net worth in the case of a private bank or in excess of twenty percent of its capital, surplus and undivided profits in the case of any other institution, without the approval of the depository for that purpose by the department.