(a) Before the Commissioner issues a certificate to do business, a savings bank shall have an initial guaranty fund that equals at least:
(1) The minimum amount of capital stock required for formation of a commercial bank in the municipal area of the proposed savings bank; and
(2) Any greater amount that the Commissioner determines is necessary to keep the savings bank solvent.
(b) (1) Before a savings bank establishes a branch, the savings bank shall have a guaranty fund as provided in this subsection.
(2) For a branch that is to be located inside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than 5 percent of its total deposits.
(3) For a branch that is to be located outside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than the sum of:
(i) 5 percent of its total deposits; and
(ii) The minimum capital and surplus that is required for formation of a commercial bank in the municipal area of the proposed branch.