Any state bank has the power to subscribe to the capital stock and become a member of a federal reserve bank.
Structure 2021 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 2 - Banking Institutions
Part 5 - Membership in Federal Reserve Banks
§ 45-2-502. Power to Subscribe to Stock
§ 45-2-503. Powers of Federal Reserve Bank Membership
§ 45-2-504. Reserves of Federal Reserve Act Sufficient
§ 45-2-505. Supervision and Examinations — Disclosures to Federal Reserve Board