Any bank using the phrase, “National Bank” in its name must be a member of the Federal Reserve System. They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers’ savings account and checking account deposits in a Federal Reserve bank. All banks incorporated under a national charter are required to become members of the Federal Reserve System. Banks incorporated under a state charter may apply for membership......the federal reserve is composed of incorporated banks, making the fed incorporated....the member banks own stock in it....the only way to own stock in the fed is to own stock in a member bank......
But where is the Fed incorporated? All private companies are incorporated somewhere.