Application Process and affiliation for State Member Banks
Applying for State Member Bank Membership: A Guide from the Federal Reserve Bank of San Francisco
Are you a state-chartered bank considering joining the Federal Reserve System, or a national bank looking to convert while maintaining your membership? The Federal Reserve Bank of San Francisco can help.
Located in the heart of San Francisco, California, the Formations + Transactions department is the go-to resource for all applications, notifications, and general correspondence related to state bank membership in the Federal Reserve System.
The Application Process
The process for filing applications primarily revolves around the Federal Reserve Membership and Bank Stock Applications. These applications consist of specific forms depending on the bank’s status and application type.
Key forms include the FR 2083, the Application to the Board of Governors of the Federal Reserve System for Membership, filed by new or existing state-chartered banks or mutual savings banks wishing to become members. Associated forms include FR 2083A, FR 2083B, and FR 2083C, which cover Federal Reserve Bank stock applications for state banks, mutual savings banks, and certificates from organizers or directors, respectively.
For changes like change in control, mergers, consolidations, or stock adjustments, forms such as FR 2056, FR 2086, FR 2086a, and FR 2087 are also submitted as needed.
Requirements
Applications must be submitted on an event-driven basis (e.g., when initiating membership, changing control, or undergoing mergers). All information must be complete, and authorized officers must sign the applications. Banks must also have an Official Authorization List (OAL) on file with the applicable Federal Reserve Bank to verify signers of the application.
For change in control specifically, filings normally must include detailed information about the parties involved and comply with Federal Reserve regulations governing changes in ownership or control of state member banks.
Seeking Assistance
If you need detailed guidance or assistance, you can contact the Membership Department at the Federal Reserve Bank of San Francisco. They can provide the appropriate forms, clarify filing procedures, and handle specific questions related to membership applications or changes of control.
To reach the Membership Department, you can visit the Federal Reserve Bank of San Francisco’s official website or contact them via their general contact channels. For specific instructions on depositor or membership changes, officers are advised to reach out directly to the Membership Department for electronic forms and assistance.
Contact Details
Julie Stengle, a Senior Manager in the Formations + Transactions department, can be reached at (415) 974-2789. The mailing address for applications, notifications, and general correspondence at the Federal Reserve Bank of San Francisco is:
Julie Stengle, Senior Manager, Formations + Transactions 101 Market Street I 10th Floor San Francisco, California 94105
In Summary
- Key application forms for State Member Bank membership and changes: FR 2083, FR 2083A/B/C, FR 2056, FR 2086, FR 2086a, FR 2087
- Process: Submit event-driven applications with required supporting information and authorized signatures; maintain updated Official Authorization List (OAL)
- Change in control filings: Use applicable forms (e.g., FR 2056) and provide detailed ownership information as required by the Federal Reserve
- Contact for more information: The Membership Department at the Federal Reserve Bank of San Francisco
If you need direct contact details for the Federal Reserve Bank of San Francisco’s Membership Department, the bank's official website or main operator can provide current phone numbers and email addresses tailored to membership inquiries.
Remember, a change in SMB ownership may require a filing, so it's essential to stay informed about the process. The Federal Reserve Bank of San Francisco is here to help guide you through the process of becoming a State Member Bank.
- To become a State Member Bank in the Federal Reserve System, you might find it helpful to submit the Federal Reserve Membership and Bank Stock Application forms, such as FR 2083, FR 2083A, FR 2083B, and FR 2083C, depending on your bank's status and application type.
- For state-chartered banks or mutual savings banks aiming to change ownership or control, it's necessary to submit FR 2056, along with the relevant details about the parties involved, to comply with federal regulations and ensure a smooth transition in the finance industry and banking-and-insurance sector.
