An application for membership may be filed by any of the following: a newly organizing state bank (de novo); an existing state nonmember bank; an existing national bank that seeks to convert to a state charter and continue as a member bank; or a thrift or other depository institution converting to a state bank charter and desirous of membership. When it reviews an application for membership, the Federal Reserve considers the following factors:
Before submitting a membership application, we encourage applicants to contact Reserve Bank staff so that we may determine whether a pre-membership examination of the applying institution is necessary. The examination may be waived depending on the recency of the latest examination by the current supervisor, the rating assigned, and the size of the institution. If the applying institution is a de novo bank, it should obtain preliminary charter approval from the state banking department before filing a final application with the Reserve Bank.
Please note that Reserve Bank staff is available to provide guidance and assistance prior to submission of an application, and that an application may be filed in draft form. The draft application process is useful to facilitate the identification of any potential stumbling blocks and to initiate a dialogue that often leads to the successful resolution of any existing issues.
Reserve Bank staff also would be pleased to arrange meetings with bank officers, directors, organizers, or advisers, to discuss Federal Reserve membership. In the event that you have any questions regarding the membership process, please contact:
Robert Augusta, Jr., Vice President, Regional
and Specialty Supervision