(a) Upon review of the application for a branch office or agency and after a hearing on the branch application, if one is deemed necessary, the commissioner shall determine whether all of the following criteria are met:
(1) The applicant’s policies, financial condition, and operations afford no basis for supervisory objection.
(2) The proposed branch office or agency will be opened within a reasonable time after approval, as determined by the commissioner.
(b) If the commissioner determines that the criteria set forth in subdivision (a) are met the application shall be approved.
(c) If the commissioner determines that the criteria set forth in subdivision (a) are not met the application shall be denied.