Sec. 4. An individual must have the following qualifications to be a trustee:
(1) The individual must be a citizen of Indiana for at least five (5) years before becoming a trustee.
(2) The individual must have an equity in real estate:
(A) located in the county in which the savings bank is located; and
(B) worth at least five thousand dollars ($5,000), the value of which is determined by two (2) individuals designated by the court.
(3) The individual must in all respects be a suitable individual to be entrusted with the management of a savings bank.