(a) When an application for a charter has been filed with the commissioner, the commissioner shall make or cause to be made a careful investigation and examination relative to the following:

(1) The character, reputation and financial standing of the organizers or incorporators and their motives in seeking to organize the proposed state bank;

(2) The character, financial responsibility, banking or trust experience, and business qualifications of those proposed as officers of the bank;

(3) The character, financial responsibility, business experiences and standing in the community of the proposed directors of the bank;

(4) The need in the community where the bank would be located for banking, banking and trust, or trust facilities, or additional facilities of like character, giving particular consideration to the adequacy of existing banking and trust facilities;

(5) The ability of the community to support the proposed bank, giving consideration to:

(A) The competition offered by existing banks and other financial institutions;

(B) The banking history of the community;

(C) The opportunities for profitable employment of bank funds as indicated by the average 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; and

(D) If the bank is to exercise trust powers, the opportunities for profitable employment of fiduciary services; and

(6) Other facts and circumstances bearing on the proposed bank and its relation to the community that, in the opinion of the commissioner, may be relevant.

(b) Within the longer of six (6) months after the filing of the application or three (3) months after the filing of a listing of subscribers showing that at least seventy-five percent (75%) of the stock has been subscribed, the commissioner shall consider the commissioner's findings and recommendations and all other relevant information available to the commissioner and shall have the discretion to approve the application, but the commissioner shall not approve the application before ascertaining to the commissioner's satisfaction that:

(1) The public need and advantage will be promoted by the establishment of the proposed bank;

(2) Conditions in the community in which the bank would transact business afford reasonable promise of successful operation;

(3) The bank is being formed for no other purpose than the legitimate objects contemplated by this chapter and chapter 1 of this title;

(4) The proposed capital and surplus are not less than the required minimum and are adequate in the light of current and prospective banking conditions;

(5) Those proposed as officers and directors have sufficient experience, ability and standing to afford reasonable promise of successful operation; and

(6) The applicants have complied with all applicable provisions of this chapter and chapter 1 of this title.

(c) If the charter has not been previously granted in accordance with § 45-2-204(c), upon approval of the application, the commissioner shall grant a charter by endorsing the approval on all copies of the charter and filing one (1) copy with the secretary of state, one (1) copy with the register in the county in which the bank is located, retaining one (1) copy for the department's files and returning one (1) copy to the incorporators within twenty (20) days of the action approving the application.