(1) The commissioner may recommend approval of an application to form a mutual savings bank only when all of the following criteria are met:

(a) The proposed savings bank has an operational expense fund from which to pay organizational and incorporation expenses in an amount determined by the commissioner to be sufficient for the safe and proper operation of the savings bank; provided, however, that such expense fund shall not contain less than Seventy-five Thousand Dollars ($75,000.00). The monies remaining in such expense fund shall be held by the savings bank for at least one (1) year from its date of licensing. No portion of such fund shall be released to an incorporator or director who contributed to it, nor to any other contributor, nor to any other person, and no dividends shall be accrued or paid on such funds without the prior approval of the commissioner.

(b) The proposed savings bank has pledges for deposit accounts in the amount determined by the commissioner sufficient for the safe and proper operation of the savings bank. However, the amount of such pledges for any savings bank, except for a savings bank which was converted from an existing financial institution, shall not be less than the amount required to obtain insurance of deposit accounts by the Federal Deposit Insurance Corporation.

(c) All entrance fees for deposit accounts of the proposed savings bank have been made with legal tender of the United States.

(d) The name of the proposed savings bank will not mislead the public and is not the same as, or so similar to, the name of an existing depository institution as to mislead the public.

(e) The character, general fitness and responsibility of the incorporators and the initial board of directors of the proposed savings bank, a majority of whom shall be residents of Mississippi, command the confidence of the community in which the proposed savings bank intends to locate.

(f) There is a reasonable demand and necessity in the community which will be served by the establishment of the proposed savings bank.

(g) The public convenience and advantage will be served by the establishment of the proposed savings bank.

(h) The proposed savings bank will have a reasonable probability of sustaining profitable and beneficial operations in the community.

(i) The proposed savings bank, if established, will promote the healthy and effective competition in the community by the delivery to the public of savings institution services.

(2) The commissioner may recommend approval of an application to form a stock savings bank only when all the following criteria are met:

(a) The proposed savings bank has prepared a plan to solicit subscriptions for capital stock in an amount determined by the commissioner to be sufficient for the safe and proper operation of the savings bank. However, the amount of such subscriptions for any savings bank, except for a savings bank which was converted from an existing financial institution, shall not be less than the amount required to obtain insurance of deposit accounts by the Federal Deposit Insurance Corporation.

(b) The name of the proposed savings bank will not mislead the public and is not the same as, or so similar to, the name of an existing depository institution as to mislead the public.

(c) The character, general fitness and responsibility of the incorporators, initial board of directors and initial stockholders of the proposed savings bank command the confidence of the community in which the proposed institution intends to locate.

(d) There is a reasonable demand and necessity in the community which will be served by the establishment of the proposed savings bank.

(e) The public convenience and advantage will be served by the establishment of the proposed savings bank.

(f) The proposed savings bank will have a reasonable probability of sustaining profitable and beneficial operations in the community.

(g) The proposed savings bank, if established, will promote healthy and effective competition in the community in the delivery to the public of savings institution services.