(1) Except as provided in subsection (2) of this section, an out-of-state foreign bank may establish an interstate Mississippi state branch in the same manner, including by merger or other transactions under Section 44 of the Federal Deposit Insurance Act, as, and subject generally to the same criteria, standards, conditions, requirements and procedures applicable to the establishment of interstate branches in the State of Mississippi by, an out-of-state bank having the same home state in the United States, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary.

(2) Notwithstanding the provisions of subsection (1), the commissioner:

(a) Shall apply to the establishment of an initial interstate Mississippi state branch, and subsequent intrastate Mississippi branches, of any out-of-state foreign bank the same criteria, standards, conditions, requirements, and procedures applicable under Article 3 of this chapter or regulations thereunder to the establishment of an initial Mississippi state branch, and of subsequent intrastate Mississippi branches, respectively;

(b) May apply any other criterion, standard, condition, requirement or provision of the laws or regulations of the State of Mississippi that is determined by the commissioner to be substantially equivalent to or consistent with a criterion, standard, condition, requirement or provision of federal law or regulation generally applicable to the establishment of branches in the United States by foreign banks or specifically applicable to the establishment of a branch in the United States by the applicant foreign bank;

(c) May by regulation or order allow an out-of-state foreign bank:

(i) To acquire an individual branch of any “insured bank” within the meaning of Section 3(h) of the Federal Deposit Insurance Act (12 USCS 1813(h)), or of any other depository institution, including another foreign bank, without acquiring the entire bank or other institution only to the extent not inconsistent with the ability of Mississippi state banks to do so; or

(ii) To acquire or merge with another foreign bank maintaining a Mississippi branch or agency and thereafter continue such operations as its own; and

(iii) To acquire or establish an interstate Mississippi branch through any other means not inconsistent with Section 5 of the federal International Banking Act (12 USCS 3103).