Membership application

A state chartered bank proposing to become a member of the Federal Reserve System or a national bank converting to a state charter and desiring to remain a member of the Federal Reserve System must file an application for prior Federal Reserve approval under section 208.3 of Regulation H. When it reviews an application for membership, the Federal Reserve considers the factors identified in section 208.3(b) of Regulation H.

A bank seeking membership should contact this Reserve Bank prior to submitting a final application to allow for completion of a premembership examination, if needed.

A newly organized bank must apply directly to the FDIC for deposit insurance in addition to applying for a state charter from the appropriate state banking regulator. The bank should also have received at least preliminary approval for a state banking charter prior to filing a final membership application with the Federal Reserve.