((a)) ** Continuation of insurance**

((1)) ** Banks** Each bank, which is an insured depository institution on , shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this chapter.September 21, 19501950-09-21

((2)) ** Savings associations** Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before , shall be, without application or approval, an insured depository institution.August 9, 19891989-08-09

((b)) ** Continuation of insurance upon becoming a member bank** In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.

((c)) ** Continuation of insurance after conversion** Subject to and —

((1)) any State depository institution which results from the conversion of any insured Federal depository institution; and

((2)) any Federal depository institution which results from the conversion of any insured State or Federal depository institution,

((d)) ** Continuation of insurance after merger or consolidation** Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, shall continue as an insured depository institution.