Yes, that is right–two in the state of MO. The only state out of 50 that has not one but two Federal Reserve Banks.
Back in 1913, Missouri was considered to be a really up and coming state. It was in the heart of the country with agricultural and business industries, large cities, growing population, and the wide Mississippi all in its favor.
As near as I can tell, they couldn’t decide which city to pick–Kansas City or St. Louis. So they did the only logical thing–they picked both.
But, that’s not what happened. The Federal Reserve Act left the actual districting to the Reserve Bank Organization Committee, consisting of the Secretary of the Treasury, William McAdoo, Secretary of Agriculture, David F. Houston, and Comptroller of the Currency, John Skelton Williams.
The three left on a trip that took them to 18 cities for interviews resulting in 5,000 pages of testimony on preferred location of district cities and boundaries.
In the meanwhile, 7,471 ballots were sent out by the Treasury Department to national chartered banks in an effort to determine their preferences. The ballots allowed for first, second and third choice.
When the dust settled, the testimony reviewed and the ballots counted, Missouri ended up with two Federal Reserve Banks. Kansas City, MO in District 10 and St. Louis, MO in District 8.
Source: Federal Reserve
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