State Bank - United States

United States

In the United States the term "state bank" is used in contradistinction to "national bank." All national banks are chartered and regulated by the Office of the Comptroller of the Currency. State banks are chartered and regulated by a state agency (often called the Department of Financial Institutions) in the state in which its headquarters are located. In addition, state banks that are members of the Federal Reserve are regulated by the Federal Reserve; state banks that are not members of the Federal Reserve are regulated by the Federal Deposit Insurance Corporation (FDIC). Therefore, almost every state bank has both a state and federal regulator. There are a handful of state banks which do not have FDIC insurance.

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Famous quotes related to united states:

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