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May 18, 2014

Richmond Fed Chartered 100 Years Ago

The Richmond Fed is marking an historic milestone — 100 years ago on May 18, 1914, the Bank was incorporated.

That action legally created the Federal Reserve Bank of Richmond, which opened six months later on November 16, 1914, with 16 employees at 1109 East Main Street in the city’s downtown.

The Richmond Fed was one of 12 regional Reserve Banks to become incorporated a century ago this month, paving the way for the creation of the nation's central bank. The regional Reserve Banks, along with the Board of Governors in Washington, D.C., form the Federal Reserve System. Last December 23, the System commemorated the 100th anniversary of the signing of the Federal Reserve Act into law.

"The Articles of Incorporation really created the Richmond Fed as a legal entity," said President Jeff Lacker. "It allowed us to get started on the planning that enabled us to open our doors to work for America’s economy and serve the Fifth District."

Our Centennial provides an opportunity to deepen the public's understanding of the Richmond Fed and what we do on behalf of the nation's economy. You can learn more about the Bank's history, and be sure to visit the Federal Reserve’s Web History Gateway, which offers easy, online access to historical artifacts, biographies, images and videos.

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