(A) The board may approve an application to form a mutual state savings bank only when:

1. (1) the proposed state savings bank has an operational expense fund, from which to pay organizational and incorporation expenses, in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four hundred thousand dollars. The monies remaining in the expense fund must be held by the state savings bank for at least three years from its date of licensing. No portion of the fund may be released to an incorporator or director who contributed to it, to another contributor, or to another person, and no dividends may be accrued or paid on the funds without the prior approval of the board;
2. (2) the proposed state savings bank has pledges for deposit accounts in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four million dollars;
3. (3) all deposit accounts of the proposed state savings bank have been made with legal tender of the United States;
4. (4) the name of the proposed state savings bank will not mislead the public and is not the same as an existing depository institution or so similar to the name of an existing depository institution as to mislead the public;
5. (5) the character, general fitness, and responsibility of the incorporators and the initial board of directors of the proposed state savings bank, a majority of whom must be residents of South Carolina, command the confidence of the community in which the proposed state savings bank locates;
6. (6) there are reasonable demand and necessity in the community that which are served by the establishment of the proposed state savings bank;
7. (7) the public convenience and advantage are served by the establishment of the proposed state savings bank; and
8. (8) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations in the community.

(B) The board may approve an application to form a stock state savings bank only when:

1. (1) the proposed state savings bank has prepared a plan to solicit subscriptions for capital stock in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four million dollars;
2. (2) the name of the proposed state savings bank does not mislead the public and is not the same as an existing depository institution or so similar to the name of an existing depository institution as to mislead the public, and contains the wording "corporation", "incorporated", "limited", "company", or an abbreviation of one of these words or other words sufficient to distinguish stock savings banks from mutual savings banks;
3. (3) the character, general fitness, and responsibility of the incorporators, initial board of directors, and initial stockholders of the proposed state savings bank command the confidence of the community in which the proposed state savings bank locates;
4. (4) all subscriptions for capital stock of the proposed state savings bank have been purchased with legal tender of the United States;
5. (5) there are reasonable demand and necessity in the community which is served by the establishment of the proposed state savings bank;
6. (6) the public convenience and advantage are served by the establishment of the proposed state savings bank; and
7. (7) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations in the community.

(C) The minimum amount of pledges for deposit accounts or subscriptions for capital stock may be adjusted if the board determines that a greater requirement is necessary or that a smaller requirement provides a sufficient capital base. The board's decision must be based upon due consideration of:

1. (1) the population of the proposed trade area;
2. (2) the total deposits of the depository institutions operating in the proposed trade area;
3. (3) the economic conditions of and projections for the proposed trade area;
4. (4) the business experience and reputation of the proposed management;
5. (5) the business experience and reputation of the proposed incorporators and directors; and
6. (6) the projected deposit growth, capitalization, and profitability of the proposed state savings bank, and other factors considered relevant by the board.