Banking in Virginia

the Federal Reserve bank building is the tallest along the James River waterfront in Richmond
Source: Virginia Department of Transportation, Richmond City Skyline

Creation of the Federal Reserve banking system in 1913 led to a competition among 40 cities to become home to one of the regional banks. Richmond was chosen to be the site for the Fifth Federal Reserve District. At the time, Richmond was the most vibrant city within the region's geographic range of Maryland, North Carolina, South Carolina, Washington, D.C., and almost all of West Virginia. Since then, Atlanta and Charlotte have emerged as financial centers but the Federal Reserve has not relocated its regional office.

The original office of the Fifth District was near the courthouse on Main Street. In 1921 the office moved to a building on N. Ninth Street next to Capitol Square. In 1978, the last move brought the office to a new building designed by Minoru Yamasaki. The 393-foot tall tower resembles his design for the former World Trade Center towers in New York City.

Moving the Federal Reserve office in 1978 required extraordinary security procedures:¹

...a small army of security escorted three specially-designed tractor-trailers through the streets of Richmond in the middle of the night as they moved $6 billion worth of securities - including $300 million in cash, $1 million in coins and more than $700 million in miscellaneous paper such as canceled currency.

Security included 30 Secret Service agents in bulletproof vests, heavily armed SWAT teams in station wagons in front of and behind each tractor trailer, 100 Richmond policemen blocking intersections throughout downtown, sharpshooters perched on rooftops and a helicopter overlooking the whole scene.

Links

• Federal Reserve
• Decision of the Reserve Bank Organization Committee Determining the Federal Reserve Districts and the Location of Federal Reserve Banks Under Federal Reserve Act Approved December 23, 1913
• Reserve Bank Organization Committee Announces Selection of Reserve Bank Cities and District Boundaries
• Federal Reserve Bank of Richmond
• Federal Reserve History

the Federal Reserve Bank maintains a supply of cash in Richmond
Source: Library of Virginia, Money bags and bars (April 11, 1956)

References