If you’re a state chartered bank, you can become a member of the Federal Reserve System.
At the Minneapolis Fed, we have examination staff in Minneapolis and Helena, Montana. To ensure open communication and consistency, we appoint a relationship manager and a consumer affairs contact for each state member bank, and our supervision of state member banks occurs in partnership with the state regulator.
Member banks are eligible to vote for directors of the Minneapolis Fed and are eligible for service as a director.
What’s it cost? We don’t charge community banks fees for supervision or applications. Each state member bank must subscribe to capital stock in the Minneapolis Fed in an amount equal to 6 percent of its combined capital and surplus (but excluding retained earnings); 3 percent must be paid in, and the remaining 3 percent is on call. The paid in portion currently earns an annual dividend of 6 percent.
Watch Christine Gaffney, our senior vice president for Supervision, Regulation, and Credit (SRC) to learn more.