(a) An out-of-state trust company that does not operate a trust office in this state may not establish and maintain a de novo trust office in this state unless:
(1) a state trust company would be permitted to establish a de novo trust office in the home state or foreign country of the out-of-state trust company; and
(2) a bank whose home state is this state would be permitted to establish a de novo branch in the home state or foreign country of the out-of-state trust company.
(b) Subject to Subsection (a), a de novo trust office may be established in this state under this section through the acquisition of a trust office in this state of an existing trust institution.