Federal Reserve Membership
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 qualified 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 ensure strength and stability in America’s banking system.
Our Richmond Fed supervision is done in partnership with state banking regulators to create a consistent and unified regulatory relationship. We also have a single point of contact for each state member bank to guide responsive and continuous communication. The Federal Reserve does not charge community banks fees for examinations or applications.
In addition to supervising state member banks, the Federal Reserve supervises bank holding companies. This reduces the number of federal regulators from two to one when the state member bank is owned by a holding company. It also allows us to take a holistic view of the consolidated organization by understanding the business plan and interrelationships among the parent company, the bank and any nonbank subsidiaries.
Membership conveys an association with the general reputation and public trust the Federal Reserve enjoys as our nation's central bank. Also, member-bank leaders are eligible to vote for and serve as directors of the Richmond Fed or on boards of our offices in Charlotte and Baltimore.
Each state member bank must hold capital stock in the Richmond Fed in an amount equal to 6 percent of its combined capital and surplus (excluding retained earnings), with 3 percent paid in and the remaining 3 percent on call. The paid-in portion from our community banks currently earns an annual dividend rate of 6 percent.
We encourage all banks that are considering membership to contact the Richmond Fed early in their deliberations. This allows you to make a more informed decision on the benefits of membership as well as identify any potential hurdles early in the process. Please contact us if you have additional questions about membership.
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.