(1) One million dollars, if located in a borough in this state which has a population of one million five hundred thousand or over;
(2) Seven hundred and fifty thousand dollars, if located in a borough in this state which has a population of one million or over and less than one million five hundred thousand or in a city in this state not divided into boroughs which has a population of four hundred thousand or over;
(3) Five hundred thousand dollars, if located elsewhere in this state;
(4) Two million dollars, if located outside this state. No bank, trust company, private banker or national bank located in a borough having a population of one million five hundred thousand or over which does not have a combined capital and surplus of at least two million dollars, may be a depositary for such reserves unless it shall have a combined capital and surplus greater than the combined capital and surplus of the bank, trust company, industrial bank, foreign banking corporation authorized to maintain a branch or branches in this state or private banker depositing such reserves.
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