National bank

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National bank

A commercial bank approved by the U.S. Comptroller of the Currency, which is required to be a member of and purchase stocks in the Federal Reserve System.

National Bank

In the United States, a bank that has received its charter from the Office of the Comptroller of the Currency (OCC). National banks are regulated by the OCC and are required to be member banks of the Federal Reserve System. Deposits in national banks are insured by the FDIC.

National bank.

All banks in the United States are chartered by either a state government or the federal government. Federally chartered banks, called national banks, are overseen by the Comptroller of the Currency of the US Department of the Treasury.

All national banks are members of the Federal Reserve System and deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

The dual banking system of federal- and state-chartered banks can be traced to the National Banking Act of 1863. The act created the new federal bank system in an attempt to impose order on what had been a chaotic situation. State banks have survived, however, and the two banking systems coexist.

References in periodicals archive ?
First National Bank of Kansas, Burlington 2/08/93 S
First National Bank of Montgomery, Montgomery 4/07/93 S
National Bank of Sussex County, Branchville 3/31/93 S
Bridgehampton National Bank, Bridgehampton 3/31/93 S
The National Bank of Coxsackie, Coxsackie 3/31/93 S
93-26 Amendment, Sequoia National Bank, San Francisco 2/3/93
93-46 Vergie McDaniel, Zapata National Bank, Zapata 1/27/93
Mercedes & Zapata National Bank, Zapata 1/27/93
93-55 John Shoemaker, State National Bank of Garfield,
93-58 Formal Agreement, Trustmark National Bank, Jackson
First National Lincoln Corporation, headquartered in Damariscotta, Maine, is the holding company for The First National Bank of Damariscotta.
FNB Bankshares, headquartered in Bar Harbor, Maine, is the holding company for First National Bank of Bar Harbor.

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