Federal Reserve Membership
State chartered commercial banks in satisfactory condition may elect the Federal Reserve as its primary Federal supervisor by applying for a membership with the Federal Reserve System. State member banks in Arkansas are supervised by the Federal Reserve Bank of St. Louis, which participates in an alternating examination program with the Arkansas State Bank Department.
Under this program, each bank is examined for safety and soundness generally every 18 months by either the State Bank Department or the Federal Reserve Bank. In addition, specially trained and experienced Reserve Bank examiners conduct consumer affairs, CRA, trust and IS examinations on an 18 to 36 month cycle.
Membership Application Process
Institutions considering membership are encouraged to contact the Federal Reserve Bank of St. Louis early in their deliberations. By doing so, a bank can gain a more thorough understanding about the benefits of a membership, the application process, and the Federal Reserve Bank’s role.
STEP 1: Contact the Federal Reserve Bank of St. Louis
Any banking institution interested in membership with the Federal Reserve System should contact the Federal Reserve Bank of St. Louis to start the application process.
Phone: 314-444-8435
Toll free from an Eighth District State: 1-800-333-0810 ext. 444-8837
St. Louis Fed Website
Mail:
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
- The applicant bank’s board will adopt membership resolutions.
- St. Louis Fed will conduct an examination and typically involves an on-site visit.
STEP 2: Submit Application & Approval
Qualifying banks submit their application and Federal Reserve processes the application.
STEP 3: Stock Purchasing
Once approved, the member bank will finalize arrangements to purchase Federal Reserve Bank stock. This stock is equal to 3% of the member bank’s capital stock and surplus accounts.
Need more information?
Visit the St. Louis Fed website for more information about memberships or call 314-444-8435