(1) A state bank may pledge its assets to:
(a) Enable it to act as agent for the sale of obligations of the United States;
(b) Secure borrowed funds;
(c) Secure deposits if:
(I) The depositor is required to obtain such security by the laws of the United States, by the terms of any interstate compact, by the laws of any state, or by the order of a court of competent jurisdiction; or
(II) The state bank secures the deposit with a letter of credit issued or confirmed by a federal home loan bank; or
(d) Otherwise comply with the provisions of this code.
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