Federal Reserve Membership

State chartered banks that elect Federal Reserve membership are referred to as "state member banks." 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.

Contacts

Reserve Bank staff is available to provide guidance and assistance prior to submission of an application for membership. Questions on applications may also be submitted to Mpls.Applications@mpls.frb.org.

 
External Links

Contact Federal Reserve Consumer Help to file a complaint against a bank or obtain additional information on mortgages, deposit accounts and other banking-related topics - offsite.

Federal Reserve Financial Services

Partnership for Progress is a Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment - offsite