Federal Reserve Bank of Chicago, Detroit Branch

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The Detroit Branch of the Federal Reserve Bank of Chicago is the only branch office of the Federal Reserve Bank of Chicago. Founded in 1927, the bank was originally located at 160 W. Fort Street, although it has since relocated to a building in Detroit’s Eastern Market Historic District. Sitting on 17 acres of land, the $80-million, 220,000-square-foot building is one of the most secure and heavily guarded structures in the city of Detroit. The Detroit branch of the Federal Reserve is one of the largest single repositories of currency in the United States and is responsible for destroying old money, sending out new money to banks, inspecting currency for counterfeit bills and conducting extensive economic analyses. It also ensures that banks comply with regulatory requirements.