Upon obtaining the consent of the director, or the director’s designee, a financial institution may establish a branch, or branches, outside of this state and an out-of-state bank may establish a branch, or branches, within this state; provided that, in the case of an out-of-state bank, the law of the state in which it is principally located authorizes under conditions not substantially more restrictive than those imposed by the laws of this state, as determined by the director, or the director’s designee, a financial institution to establish a branch in that state. The director, or the director’s designee, shall approve an application for a branch if the applicant has satisfied the standards and followed the procedures set forth for the establishment of branches for financial institutions in addition to the requirements of this section.