(1) A bank holding company shall apply to the department of finance and receive the approval of the department of finance prior to acquiring a bank. The application shall include such information with respect to the financial condition and operations, management and intercompany relationships of the bank to be acquired and the holding company as the director may deem necessary or appropriate. In considering an application to acquire a bank, the director shall consider at least:
(a)  The financial condition of the bank holding company and any banks already owned by the holding company;
(b)  The probable effect of the acquisition on the holding company, any banks already owned by the holding company and the bank which is to be acquired; and
(c)  The effect of the acquisition on competition in the providing of banking services.
(2)  A financial holding company shall apply to the department of finance and receive the approval of the department of finance prior to commencing any activity or acquiring any company as described in section 26-501(6), Idaho Code.