foreign banks with state branches

A banking organization that is headquartered outside the United States, but wants a presence in the United States, most commonly establishes a branch or agency. These offices may conduct most of the activities a domestic bank performs - they can make and manage loans, conduct foreign exchange activities, and trade in securities and commercial paper. Foreign bank branches may accept deposits; however, they may not accept deposits less than $100,000 unless they had FDIC insurance prior to December 19, 1991. Foreign bank agencies may not accept deposits. Foreign banks are either state or federally regulated. The Federal Reserve serves as the federal regulator of state-licensed foreign bank branches and agencies, in a system similar to that for domestic banks. More than 85% of the foreign bank branches and agencies in the United States are state licensed/chartered.