To the extent permitted by and subject to any limitations and restrictions the superintendent of financial institutions may impose, a state bank may underwrite and deal in investments in the form of bonds, notes, debentures, or other debt securities that are any of the following:

1. (A) The direct obligation of or guaranteed by the United States;
2. (B) The direct obligation of or guaranteed by any state of the United States or any political subdivision of any state of the United States;
3. (C) Acceptable to the superintendent.