(1) USE OF "BANK". Notwithstanding ss. 214.035, 215.40(1) (c), and 215.60(1) (c) and subject to subs. (2) and (3) (b), a universal bank may use the word "bank" in its name, without having to include the word "savings." Notwithstanding ss. 215.40(1) (a) and 215.60(1) (a) and subject to subs. (2) and (3) (b), a universal bank that is organized under ch. 215 and that uses the word "bank" in its name in accordance with this section need not include the words "savings and loan association" or "savings association" in its name.(2) DISTINGUISHABILITY. Except as provided in sub. (3), the name of the universal bank shall be distinguishable upon the records of the division from all of the following names: (a) The name of every other financial institution organized under the laws of this state.(b) The name of every national bank or foreign bank authorized to transact business in this state.(3) EXCEPTIONS. (a) A universal bank may apply to the division for authority to use a name that does not meet the requirements under sub. (2). The division may authorize the use of the name if any of the conditions under s. 221.0403(2) (a) or (b) is met.(b) A universal bank may use a name that is used in this state by another financial institution or by an institution authorized to transact business in this state, if the universal bank has done any of the following:1. Merged with the other institution.2. Been formed by reorganization of the other institution.3. Acquired all or substantially all of the assets, including the name, of the other institution.