Section 32-1-242 - Department to review application(1) The department shall ensure that sufficient information has been submitted to allow the commissioner to determine whether: (a) the purposes of the proposed bank as stated in the proposed bank's business plan, articles of incorporation, and the application are consistent with the Bank Act;(b) the character, financial responsibility, and general fitness of the owners and managers of the proposed bank command the confidence of the community in which the proposed bank is to be located and warrant the belief that the business of the proposed corporation will be honestly and efficiently conducted;(c) the proposed directors and officers are competent to successfully manage a bank;(d) there is a reasonable assurance of sufficient volume of business for the proposed bank to be economically viable;(e) the suggested capitalization is adequate for the proposed banking institution's anticipated development and growth within a reasonable period of time;(f) there is a reasonable public necessity and demand for a new bank at the proposed location or in the area in which the proposed new bank will operate;(g) the corporate name assumed by the proposed bank, by reason of the use of any one or more of the words "bank", "banker", "banking", "trust", "savings", or "investment" in conjunction with any other word or words, resembles so closely the name of any other bank previously formed under this chapter as to be likely to cause confusion; and(h) anything else is considered pertinent.(2) The department may define the standards in subsection (1) by rule.(3) The department may request additional information as needed to allow an assessment of the standards in 32-1-244 and this section.(4) An applicant may withdraw an application at any time before the department determines the application is complete.Added by Laws 2023, Ch. 23,Sec. 3, eff. 10/1/2023.