§ 58-1-58. Determination on application for permission to file with the corporation public regulation commission

A. When an application for permission to file with the corporation public regulation commission has been delivered to the director of the financial institutions division of the regulation and licensing department], he shall make or cause to be made a careful investigation and examination relative to: (1) the character, reputation and financial standing of the organizers or incorporators; (2) the character, financial responsibility of proposed directors and banking or trust experience, and business qualifications of those proposed as officers; (3) the ability of the community to support the proposed bank, giving consideration to: (a) the services offered by existing banks and other financial institutions; (b) the banking history of the community; and (c) the opportunities for profitable employment of bank funds as indicated by the demand for credit, the number of potential depositors, the volume of bank transactions, and the business and industries of the community, with particular regard to their stability, diversification and size; (4) whether or not the full amount of the authorized capital structure has been subscribed; (5) whether or not the proposed capital structure is adequate in the light of current and prospective banking conditions; (6) whether or not the name of the proposed bank resembles so closely, as to be likely to cause confusion, the name of any other banks transacting business in this state; and (7) such other facts and circumstances bearing on the proposed bank and its relation to the community as in the opinion of the director may be relevant. B. The director shall complete his investigation within sixty days after the completed application has been filed and may in his discretion approve or reject the application. C. If the director approves the application to be filed with the corporation public regulation commission, he shall endorse his approval on the articles of incorporation. D. The corporation public regulation commission shall not accept the articles of incorporation of a state bank for filing without such endorsement.