Opinion ID: 901376
Heading Depth: 1
Heading Rank: 9

Heading: The prospects for success of the proposed trust company

Text: [¶ 17.] The Commission found that ITC had not shown its prospects for success by a preponderance of the evidence. We have previously stated, `[t]he overriding purpose of our banking laws is the protection and security of a bank's depositors and creditors.' Dorsey & Whitney, 2001 SD 35 at ¶ 10, 623 N.W.2d at 472 (quoting Application of American State Bank, 254 N.W.2d at 153) (alteration in original). Similarly, the legislature intended to protect the participants in the trust industry by ensuring the `creation and maintenance of adequate and sound [trust] facilities and services.' Dorsey & Whitney, 2001 SD 35 at ¶ 10, 623 N.W.2d at 472 (citation omitted) (alteration in original). The Commission concluded that [t]he safety and soundness of the trust industry would not be served by approval of the application of ITC. Based on the above analysis of the Commission's findings and a review of the record, the Commission's findings have not been shown to be clearly erroneous.