Holding security deposit out of state?

[Daniel Vandenbos]

Hello!  I have several rentals in NJ and will be relocating to FL shortly.  I will continue to self manage the properties and my main question is about security deposits. Do the security deposits need to be held with a bank located in NJ?  I currently use a small local bank, would I need to use a National Bank that has locations in NJ?  The laws I found regarding this are slightly confusing. Thank you in advance!