Section 16500 Of Article 1. General From California Government Code >> Division 4. >> Title 2. >> Part 2. >> Chapter 4. >> Article 1.
16500
. As used in this chapter, "eligible bank" means a state or
national bank located in this state, selected by the Treasurer for
the safekeeping of money belonging to or in the custody of the state,
that has received an overall rating of not less than "satisfactory"
in its most recent evaluation by the appropriate federal financial
supervisory agency of the bank's record of meeting the credit needs
of the state's communities, including low- and moderate-income
neighborhoods, pursuant to Section 2906 of Title 12 of the United
States Code. An eligible bank is eligible to receive deposits only to
the extent that it furnishes the security required by this chapter.