The Daily Yonder Analysis: The Connection Between Race and Opportunity in Rural Parts of the 5th Federal Reserve District More than a quarter of the nation's rural Black population lives in the five-state region covered by the Federal Reserve Bank of Richmond. The region's history has a big impact on the economic conditions these communities face today. Share this: The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the states of Maryland, Virginia, North Carolina, and South Carolina; 49 counties constituting most of West Virginia; and the District of Columbia. (Source: Federal Reserve)