Banking

Federal Reserve Membership

 

buildings

More than one-third of U.S. commercial banks are members of the Federal Reserve System. National banks must be members; state chartered banks may join by meeting certain requirements.

Membership Application

Any state-chartered bank may become a member of the Federal Reserve System. The 12 regional Reserve Banks supervise state member banks as part of the Federal Reserve System’s mandate to assure strength and stability in the nation’s domestic markets and banking system. Reserve Bank supervision is carried out in partnership with the state regulator, assuring a consistent and unified regulatory environment.

Each state member bank must subscribe to capital stock in the Federal Reserve Bank of its district in an amount equal to six percent of its combined capital and surplus (but excluding retained earnings); three percent must be paid in and the remaining three percent is on call. The paid in portion currently earns an annual dividend of six percent.

Bank Holding Companies

List of bank holding companies that are headquartered in the fifth district and supervised by the Federal Reserve Bank of Richmond.

State Member Banks

List of state member banks that are headquartered in the fifth district and supervised by the Federal Reserve Bank of Richmond.

Savings and Loan Holding Companies

List of savings and loan holding companies that are headquartered in the fifth district and supervised by the Federal Reserve Bank of Richmond.

Contact Us

Richmond

Wayne Cox
Banking Applications Manager
(804) 697-8219

Adam Drimer
Assistant Vice President
(804) 697-8980