member bank vs banking company

member bank and banking company both are nouns.

Word	Noun	Adjective	Verb	Adverb
member bank	Yes	No	No	No
banking company	Yes	No	No	No

As nouns, banking company is a hypernym of member bank; that is, banking company is a word with a broader meaning than member bank:

member bank: a bank that is a member of the Federal Reserve System
banking company: a financial institution that accepts deposits and channels the money into lending activities

Other hypernyms of member bank include bank, banking concern, depository financial institution.

member bank (noun)	banking company (noun)
a bank that is a member of the Federal Reserve System	a financial institution that accepts deposits and channels the money into lending activities