A. Upon the filing of an application for a certificate, the director shall make or cause to be made a careful investigation and examination and shall issue a certificate if the director finds:

(1)     that the persons who will serve as directors or officers, insofar as those persons are known, are qualified to be fiduciaries by character and experience and that the financial status of the stockholders, directors and officers is consistent with their responsibilities and duties as fiduciaries; for nonprofit corporations, any employee responsible for trust management shall be qualified to be a fiduciary by character and experience;

(2)     that the name of the proposed company is not deceptively similar to that of another trust company or bank or is not otherwise misleading;

(3)     that the capital and surplus are not less than the required minimum, except that this requirement shall not apply to nonprofit corporations; and

(4)     that there is a need for trust facilities or additional trust facilities, as the case may be, in the community where the proposed trust company is to be located.

B. The director may consider and inquire into such other facts and circumstances bearing on the proposed trust company and its relation to its locality as in the director’s opinion may be relevant.

C. The certificate may be granted or denied without hearing, but the director may, and at the request of the applicant shall, fix a date for a hearing on the application. At the hearing, any person may be heard with reference to the facts to be investigated.