§ 13-2-211 — Investigation and examination by banking commissioner

(a) Upon receiving the articles of incorporation,
application and other information required, the state banking
commissioner shall make a careful investigation and examination
of the following:
(i) The character, reputation, financial standing and
ability of the organizers;
(ii) The character, financial responsibility, banking
or savings and loan or other financial experience and business
qualifications of those proposed as officers;
(iii) The character and standing in the community and
state of those proposed as directors, stockholders or owners;
(iv) The need in the community where the institution
would be located giving particular consideration to the adequacy
of existing financial facilities and the effect that the
proposed institution would have upon existing financial
institutions in the community;
(v) The ability of the community to support the
proposed institution, including existing competition, the
economic history of the community and the opportunity for
profitable employment of financial institution funds; and
(vi) Such other facts and circumstances bearing on
the proposed financial institution as the banking commissioner
may deem relevant.
(b) The state banking commissioner shall submit his
findings verbally and in writing at the public hearing on the
application and shall be subject to cross-examination by any
interested party. No relevant information shall be excluded by
the board as hearsay.