The treasurer shall be discharged from all responsibility for all funds or moneys that he deposits in a designated bank or the designated savings and loan association while the funds and moneys are so deposited; provided, that he shall not be discharged from responsibility for any funds or moneys deposited in a bank if the amount of such deposit exceeds seventy-five (75) percent of the capital stock and surplus of the bank or if any amounts of the deposits in the savings and loan association are not insured by the Federal Savings and Loan Insurance Corporation. (Prior code § 2-7-13(E))