The deputy director shall not approve the application and issue a permit to organize unless the deputy director finds:

1. 1. A need exists for an association, and that the public convenience and advantage will be promoted by the proposed association, in the community or area of operation stated in the application.
2. 2. The proposed capital meets the requirements of this chapter.
3. 3. The general character of the proposed management is such as to assure reasonable probability of the success of the association.
4. 4. The name of the proposed association is not the same as, or deceptively similar to, the name of any other association or bank in the community or area of operation.
5. 5. Such association can be established without undue injury to properly conducted existing associations.