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.
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.
The Richmond Fed issues official announcements welcoming newly accepted banking institutions to membership in the Federal Reserve System.
List of state member banks that are headquartered in the fifth district and supervised by the Federal Reserve Bank of Richmond.
List of bank holding companies that are headquartered in the fifth district and supervised by the Federal Reserve Bank of Richmond.
Linwood Gill
Vice President
(804) 697-8237
Adam Drimer
Assistant Vice President
(804) 697-8980