When a bank changes its national charter to a state charter, does the bank automatically become a state member bank?

No. National banks are required to purchase Federal Reserve stock. Upon conversion to a state nonmember bank, the bank must submit an Application for Cancellation of Federal Reserve Bank Stock (FR 2086A). When the form is received, the stock is cancelled and the Federal Reserve will credit the bank’s account. If a bank wishes to retain its membership, it must submit an application to the Board of Governors of the Federal Reserve System (FR 2083) for membership approval.

If a bank holding company, bank, nonbanking subsidiary or foreign banking organization changes its legal name or location, is a Report of Change in Organizational Structure (FR Y-10) required?

Yes. An FR Y-10 must be submitted to the appropriate Federal Reserve Bank within thirty days of the change. For additional FR Y-10 reporting criteria, review the FR Y-10 reporting instructions.

Has your depository institution recently opened, closed or changed the location of any branch offices?

The St. Louis Fed’s Structure Services unit maintains branch information for Eighth District institutions on the National Information Center (NIC). All state member banks are required to file an application with the appropriate Federal Reserve Bank regarding changes in branch information. However, other depository institutions are not required by law to do so.

Accurate branch information provides a complete picture of an institution’s organizational structure, which is beneficial for statistical and research analysis. Please notify the Structure Services staff via letter or e-mail of any branch-related changes to your institution.