“Participating financial institution” means:
1. Any office or subsidiary of a foreign banking corporation licensed or approved by the Commissioner of Financial Institutions; or
2. Any bank, trust company, savings and loan association, savings bank, credit union, thrift company or other financial institution organized under the laws of this state or organized under the laws of the United States and authorized to do business under the laws of this state,
Ê which has received the approval of the Director to participate in guaranteed funding for any eligible transaction.