There are 12 Federal Reserve regional banks across the United States
The Federal Reserve system is split into 12 regional banks, each serving a specific geographic area of the country. These banks are not branches of a single central office — each one operates as its own institution with its own president, board, and staff, though all answer to the Federal Reserve's Board of Governors in Washington, D.C.
The 12 regional banks were created in 1913 when Congress passed the Federal Reserve Act. The country was divided into 12 districts, and one regional bank was established in each district. This structure has remained unchanged for over a century, even as the economy and the nation's population have shifted.
If you are looking for information about Federal Reserve operations, monetary policy, or how the banking system works, knowing which regional bank serves your area can help you find the right office to contact or understand which institution influences banking conditions in your region.
Key Takeaways
- The 12 Federal Reserve regional banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
- Each regional bank serves a specific geographic district and handles banking operations, supervision, and economic research for that area.
- The New York Federal Reserve is the largest and most influential because it oversees financial markets and conducts open market operations.
- Regional banks are private institutions owned by member banks in their districts, not government agencies, though they operate under federal law.
The 12 districts and their locations
The Federal Reserve's 12 districts are numbered and named after the city where each regional bank's headquarters is located. The First District covers New England and has its headquarters in Boston. The Second District covers New York and nearby areas and is based in New York City. The Third District serves the Philadelphia region and parts of New Jersey and Delaware. The Fourth District is headquartered in Cleveland and covers Ohio, Kentucky, Pennsylvania, and West Virginia.
The Fifth District is based in Richmond, Virginia, and covers the Carolinas, Virginia, West Virginia, and Washington, D.C. The Sixth District, headquartered in Atlanta, is the largest by population and covers the Southeast. The Seventh District is in Chicago and serves the Midwest, including Illinois, Indiana, Iowa, Michigan, Missouri, and Wisconsin. The Eighth District is based in St. Louis and covers Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee.
The Ninth District is headquartered in Minneapolis and covers Minnesota, Montana, North Dakota, South Dakota, and Wisconsin. The Tenth District is in Kansas City and serves Colorado, Kansas, Nebraska, Oklahoma, and Wyoming. The Eleventh District is based in Dallas and covers Texas, Louisiana, and New Mexico. The Twelfth District, headquartered in San Francisco, is the second-largest by geography and covers the West Coast, Hawaii, and Alaska.
What regional banks actually do
Each regional bank supervises and regulates banks within its district. This means they examine banks' financial health, make sure they follow federal banking rules, and take action if a bank is not operating safely. Regional banks also hold reserve accounts for member banks — the banks in their district deposit money there, and the Federal Reserve holds those reserves.
Regional banks also handle the physical movement of currency and coins. They receive cash from banks, count and sort it, and redistribute it. If a bank needs more cash for the holidays or a business needs to deposit large amounts of currency, the regional bank processes it.
Each regional bank also conducts economic research on its district. Economists at these banks study employment, inflation, growth, and other conditions specific to their region. This research helps the Federal Reserve's Board of Governors make decisions about interest rates and monetary policy that affect the whole country.
Why the New York Federal Reserve is different
The Federal Reserve Bank of New York holds a special role among the 12 regional banks. It is responsible for conducting open market operations — the buying and selling of government securities that directly influence interest rates and the money supply across the entire country. When the Federal Reserve decides to raise or lower rates, the New York Fed executes those decisions in financial markets.
The New York Fed also oversees payment systems and financial stability in ways that affect all 12 districts. It supervises some of the largest banks in the world and manages the Federal Reserve's foreign exchange operations. Because of these responsibilities, the president of the New York Federal Reserve is always a voting member of the Federal Reserve's policy committee, while presidents of the other regional banks rotate voting positions.
How regional banks are governed
Each regional bank is technically a private corporation owned by the member banks in its district. However, this ownership structure is different from a typical private company. Member banks own stock in the regional bank, but they cannot sell that stock, trade it, or pass it to someone else. The stock pays a fixed dividend set by law, not a market rate.
Each regional bank has a nine-member board of directors. Three directors are chosen by the member banks, three are chosen by the regional bank's management, and three are appointed by the Federal Reserve's Board of Governors in Washington. The board hires the regional bank's president, who runs day-to-day operations.
Despite being private institutions, regional banks operate under strict federal oversight. The Federal Reserve's Board of Governors sets policy that all 12 regional banks must follow. Congress also has authority over the Federal Reserve system and can change its structure or powers through legislation.
How to find your regional bank
Your regional bank is determined by where you live or where your business is located. If you live in Texas, your regional bank is the Federal Reserve Bank of Dallas. If you are in California, it is San Francisco. If you are in New York, it is New York.
Each regional bank has a public website where you can find contact information, economic data about the region, and information about banking services. You can also call the main number for your regional bank if you have questions about Federal Reserve operations or need to report a banking problem.
If you are not sure which district you are in, the Federal Reserve's main website has a map showing all 12 districts and their boundaries. Some districts overlap state lines, so checking the map is the most reliable way to confirm which regional bank serves your area.
Frequently Asked Questions
Can I open an account at a Federal Reserve regional bank?
No. Regional banks do not offer accounts to the public. They provide banking services only to other banks, the U.S. Treasury, and other government agencies. If you need banking services, you use a commercial bank, credit union, or other financial institution that has an account at the Federal Reserve.
Do all 12 regional banks have the same power?
No. The New York Federal Reserve has significantly more power because it conducts open market operations and oversees major financial markets. The other 11 regional banks have equal authority within their districts but less influence over national monetary policy. However, all 12 presidents participate in policy discussions.
Why does the Federal Reserve still use 12 districts instead of one central bank?
Congress designed the system this way in 1913 to distribute power and prevent any single bank from controlling the entire financial system. The regional structure also allows each bank to understand local economic conditions and supervise banks in its specific area. This decentralized approach has remained largely unchanged because it has worked effectively.
Is the Federal Reserve a government agency?
The Federal Reserve is a hybrid. Regional banks are private corporations, but they operate under federal law and are subject to oversight by Congress and the Board of Governors. The system was created by Congress and serves public purposes, even though it is not a traditional government agency.