Sec. 5. (a) An Indiana savings association holding company is entitled to acquire one (1) or more:
(1) foreign savings associations; or
(2) foreign savings association holding companies;
after the department grants the application of the holding company for approval of the proposed acquisition.
(b) The department shall approve or deny an application for approval of a proposed acquisition under this section not more than ninety (90) days after the department receives the application, unless the department needs additional time for consideration of the application.