The deputy director shall deny an application for acquisition of an in-state financial institution if the deputy director finds any of the following:

1. 1. The financial condition of the acquiring out-of-state financial institution is such that it may jeopardize the financial stability of the in-state financial institution or prejudice the interests of the depositors, beneficiaries, creditors or shareholders of the in-state financial institution.
2. 2. Any plan or proposal to liquidate the in-state financial institution, to merge or consolidate the in-state financial institution or to make any other major change in the business, corporate structure or management of the in-state financial institution is not fair and reasonable to the depositors, beneficiaries, creditors or shareholders of the in-state financial institution.
3. 3. The applicant neglects, fails or refuses to furnish to the deputy director any information requested by the deputy director.
4. 4. The applicant fails to obtain any required approval from a federal or state agency with authority over any of the financial institutions that are participating in the transaction.
5. 5. The acquisition is contrary to law.