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 ?
This case involves one type of national bank affiliate, known as an operating subsidiary.
The banks will merge their La Jolla offices into the Landmark National Bank office on Ivanhoe Avenue in La Jolla as soon as possible following the merger.
Landmark National Bank offers traditional full-service banking to individual customers, professionals and small- and medium-sized businesses.
Although the OCC indicated that it believes it has the authority to occupy the field with regard to the real estate lending activities of National Banks, it has declined to exercise this authority.
Moreover, even if Standard & Poor's concludes that certain provisions of a given state's anti-predatory lending law do not apply to a National Bank's origination of residential mortgage loans within a particular state, Standard & Poor's must further determine whether, and to what extent, such federal preemption extends to assignees or purchasers of such loans from National Banks (or National Banks, as purchasers or assignees), as well as to their respective servicers.
McKim, President and Chief Executive Officer of First National Bank of Bar Harbor and FNB Bankshares.

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