N.Y. BNK Law § 33

§ 33. Reserve depositaries. The superintendent shall, in his\ndiscretion, upon the nomination of any bank, trust company, industrial\nbank, foreign banking corporation authorized to maintain a branch or\nbranches in this state or private banker, designate as a depositary for\nits reserves on deposit a bank, trust company, private banker or\nnational bank located in this state, or a banking corporation located\nelsewhere in the United States if such banking corporation shall make\nsuch reports as the superintendent may prescribe and shall submit to\nsuch examinations as he may deem necessary. No such bank, trust\ncompany, private banker, national bank or banking corporation may be a\ndepositary of any such reserves unless it shall have a combined capital\nand surplus of at least\n (1) One million dollars, if located in a borough in this state which\nhas a population of one million five hundred thousand or over;\n (2) Seven hundred and fifty thousand dollars, if located in a borough\nin this state which has a population of one million or over and less\nthan one million five hundred thousand or in a city in this state not\ndivided into boroughs which has a population of four hundred thousand or\nover;\n (3) Five hundred thousand dollars, if located elsewhere in this state;\n (4) Two million dollars, if located outside this state.\n No bank, trust company, private banker or national bank located in a\nborough having a population of one million five hundred thousand or over\nwhich does not have a combined capital and surplus of at least two\nmillion dollars, may be a depositary for such reserves unless it shall\nhave a combined capital and surplus greater than the combined capital\nand surplus of the bank, trust company, industrial bank, foreign banking\ncorporation authorized to maintain a branch or branches in this state or\nprivate banker depositing such reserves.\n