(a) A bank or trust company that is qualified to act as a fiduciary in this state, or in another state if affiliated with a bank or trust company that is qualified to act as a fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to

1. (1) itself as fiduciary;
2. (2) itself and others as cofiduciaries; or
3. (3) its affiliated bank or trust company as fiduciary.

(e) In this section,

1. (1) “affiliated” means two or more banks or trust companies in which

   1. (A) 25 percent or more of the voting shares, excluding shares owned by the United States or by a corporation or other entity wholly owned by the United States, is directly or indirectly owned or controlled by a holding company; or
   2. (B) the election of a majority of the directors is controlled in any manner by a holding company;
2. (2) “bank” means an organization that is authorized by the United States Comptroller of the Currency, or by the director of banking or the equivalent position in the state of organization, to accept deposits and to make commercial loans, and whose deposits are insured by the Federal Deposit Insurance Corporation;
3. (3) “trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers, but does not include a natural person.