1. An organization formed under state or federal law, authorized by law to receive deposits, and supervised and examined by a government agency for the protection of depositors. [Cases: Banks and Banking 1–62. C.J.S. Banks and Banking §§ 2–126, 480–481, 663–664, 697, 732–739, 746–748, 755, 758–783.]
2. A trust company or other institution authorized by law to exercise fiduciary powers similar to those of a national bank. • The term does not include an insurance company, a Morris Plan bank, an industrial loan company, or similar bank unless its deposits are insured by a federal agency.
