Nonmember bank

(redirected from Non-Member Bank)

Nonmember bank

Depository institution that is not a member of the Federal Reserve System. Specifically, a state-chartered commercial bank that has elected not to join the System.

Nonmember Bank

In the United States, a state-chartered bank that has opted not to join the Federal Reserve System. Such banks are required to place a certain number of their accounts at a Federal Reserve Bank so as to meet reserve requirements. However, nonmember banks allowed access to the Federal Reserve's discount window are not required to purchase stock in the Federal Reserve. In general, nonmember banks are less regulated than member banks. For example, they are allowed to keep at least a portion of their reserves in interest-bearing securities. They are subject only to the laws of the states in which they are chartered.
Mentioned in ?
References in periodicals archive ?
Andrew Voysey, Director of Finance Sector Platforms at Cambridge Institute for Sustainability Leadership declared: The BEI has been pleased to work with BNP Paribas for over a year as a non-member bank that adopted the BEI s Soft Commodities Compact with the Consumer Goods Forum.
First NBC, headquartered in New Orleans, Louisiana, offers a broad range of financial services through its wholly-owned banking subsidiary, First NBC Bank, a Louisiana non-member bank.
Worcester, Massachusetts, which is a state non-member bank supervised by the FDIC.
As of September 30, 2009, Doral Bank PR and Doral Bank NY were in compliance with the regulatory capital requirements that were applicable to them as a state non-member bank and federal savings bank, respectively (ie.
On February 27, 2015, the Office of the Commissioner of Financial Institutions of Puerto Rico (the OCIF) appointed the Federal Deposit Insurance Corporation (the FDIC) as receiver of Doral Bank, a state non-member bank chartered by the OCIF.
The Milton Banking Company operates as a full service, state-chartered, non-member bank and offers a broad array of deposit and loan services to customers, including mortgage, consumer and commercial loans.
TriState Capital is an FDIC insured, state chartered, Federal Reserve non-member bank.
Alamance Bank is a state non-member bank, with the FDIC acting as the Bank's primary federal regulator.
In late November 2001, California Center Bank completed its conversion from a member bank under the supervision of the Federal Reserve Board ("FRB") to a non-member bank under the supervision of the FDIC.
Fidelity Bank has become a state non-member bank, with the FDIC becoming the Bank's primary Federal regulator.
The loss for the three month period resulted from the recapture of the tax bad debt reserve due to the conversion of the Bank from a North Carolina-chartered stock savings bank to a North Carolina-chartered stock commercial non-member bank on June 30, 1995.
Those non-member banks operated in an environment similar to that which existed before the Federal Reserve was established in 1914.