658.22  Coordination with federal agencies.--Upon approval by the department of the application for authority to organize a state bank, the department shall forward a copy of its final order to the appropriate federal regulatory agencies. The failure of an applicant to apply for membership in the Federal Reserve System or apply for the insurance of accounts by the Federal Deposit Insurance Corporation within 3 months after approval by the department or a final order by the Federal Deposit Insurance Corporation denying an applicant's application for insurance of accounts, terminates and revokes the final order issued by the department approving the application.