N.M. Stat. § 58-1-17
Qualification and fiduciary powers.
No state bank shall act as fiduciary unless it is authorized by its articles of
incorporation and has a permit from the commissioner [director of the financial
institutions division of the regulation and licensing department]. The commissioner
[director] shall not grant the permit unless he finds:
A. the bank has not less than five hundred thousand dollars ($500,000) capital and
surplus;
B. the bank is in a sound financial condition and operated in a prudent and
businesslike manner; and
C. qualified personnel are available to handle trust matters.