72 Pa. Stat. § 3773
The Revenue Commissioners and Banking Commissioner or a majority of them, shall be and are hereby authorized to select as depositories for State funds private banking institutions, located and doing business in this Commonwealth: Provided, The same file a statement in writing, to the said Revenue Commissioners and the Banking Commissioner, that they will subject themselves to the same supervision, in all regards, as the other depositories named in the foregoing section two. And provided further, That they will, in all regards, comply with the conditions required of any other depository; and after such selection of any private banking institution as a depository, the same shall be in all regards subject to such supervision and restrictions as other depositories selected by the Revenue Commissioners and Banking Commissioner, and be subject to examination by the State Banking Department and its examiners, at any time; and it shall be the duty of said Banking Department to make such examinations at any time after said private banking institutions become State depositories.
72 P.S. § 3773