U.S. Code » Title 12 » Chapter CHAPTER 3— FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER I— DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM

12 U.S.C. § 222

Federal reserve districts; membership of national banks

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The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may from time to time be created by the Board of Governors of the Federal Reserve System, not to exceed twelve in all: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. Such districts shall be known as Federal reserve districts and may be designated by number. When the State of Alaska or Hawaii is hereafter admitted to the Union the Federal Reserve 11 Capitalized as in original. districts shall be readjusted by the Board of Governors of the Federal Reserve System in such manner as to include such State. Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], and failure to do so shall subject such bank to the penalty provided by section 501a of this title.

Notes of Decisions
Cited in 23 cases (2 in the last 5 years), 1933–2025 · leading case: McKinley v. Bd. of Governors of the Fed. Reserve Sys., 647 F.3d 331 (D.C. Cir. 2011).
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McKinley v. Bd. of Governors of the Fed. Reserve Sys., 647 F.3d 331 (D.C. Cir. 2011). · cites it 2× “12 U.S.C. § 222 . The Reserve Banks, then, “are private corporations whose stock is owned by the member commercial banks within their districts.”
United States v. Philadelphia Nat'l Bank, 374 U.S. 321 (1963). · cites it 2× “§ 321 , as well as virtually all the national banks, 12 U. S. C. § 222 , are members of the Federal Reserve System (FRS), and more than 95% of all banks, see 12 U.”
Lee Constr. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (D. Md. 1982). · cites it 3× “2, 1976); 12 U.S.C. § 222 . See 12 U.S.C. §§ 248 (j) & 341.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968). · cites it 2× “But, in my view, that does not make them sufficiently quasi-public to enjoy the tax-immune status of federal instrumentalities.”
Bloomberg L.P. v. Bd. of Governors of the Fed. Reserve Sys., 649 F. Supp. 2d 262 (S.D.N.Y. 2009). “See 12 U.S.C. §§ 222 , 282, 321, 341. Each FRB has a nine member board of directors, six of whom are elected by shareholder banks within the FRB’s district and three appointed by the Board.”
Vullo v. Off. of the Comptroller of the Currency, 378 F. Supp. 3d 271 (S.D. Ill. 2019). “See 12 U.S.C. § 222 . But a national bank must be "engaged in the business of receiving deposits" to obtain insurance under the FDIA.”
Starr Int'l Co., Inc. v. Fed. Reserve Bank of New York, 742 F.3d 37 (2d Cir. 2014). “12 U.S.C. §§ 222 , 321. But federal reserve banks “are not operated for the profit of shareholders”; rather, they “were created and are operated in furtherance of the national fiscal policy.”
First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 229 N.E.2d 245 (Mass. 1967). · cites it 2× “12 U.S.C. § 222 (1964). The sole modern distinction of importance between the two lies in the fact that one is subject to Federal supervision, 12 U.”
Kennedy C. Scott v. Fed. Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005). “12 U.S.C. §§ 222 , 321. Fourth, persons other than the government have a proprietary interest in the Federal Reserve Banks.”
Berini v. Fed. Reserve Bank of St. Louis, 420 F. Supp. 2d 1021 (E.D. Mo. 2005). “" 12 U.S.C. § 222 . By statute, members receive only a six percent dividend annually on their stock.”
Commonwealth v. Saville, 233 N.E.2d 9 (Mass. 1968). “161 ), which may be issued to each of the twelve Federal Reserve banks (see 12 U. S. C. § 222 , App. A (1964), and 26 Fed.”
Total Aviation Servs., Inc. v. United Jersey Bank, 626 F. Supp. 1087 (E.D.N.Y 1986). “As one of the nation’s twelve Federal Reserve Banks, the FRB-KC was created pursuant to the Federal Reserve Act, as amended, 12 U.S.C. § 222 , and has a number of func *1089 tions related to the nation’s banking system.”
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