John K. McKee, 86, a former banker and member of the Federal Reserve Board, died at Sibley Memorial Hospital Thursday of an apparent aneurysm.

Mr. McKee was born in Pittsburgh, Pa., and began as a bank messenger there. He served in the Army in France during World War I, and then returned to banking. He came to Washington in 1931 and worked in the Office of the Comptroller of the Currency as a receiver for banks that were failing during the Great Depression. He later became chief bank examiner for the Reconstruction Finance Corp., a position he held until 1936.

In that year, President Franklin D. Roosevelt appointed Mr. McKee, a Republican, to the Federal Reserve Board. He served on it until his retirement in 1945.

Mr. McKee moved to New York and became president of the Continental Bank and Trust Co., but came back to Washington in 1947. He continued to manage his own investments.

In 1951, he was named to the board of trustees of George Washington University. At his death, he was a trustee emeritus.

Mr. McKee was a member of the Duquesne Club in Pittsburgh and of the Metropolitan Club here. He also had been a member of the Burning Tree and Columbia country clubs.

Survivors include his wife. Bessie Lewis McKee, of the home in Washington: a son, David of Columbus, Ohio: a daughter, Bessie M. McClure, of Washington, and six grandchildren. Another son, John K. Jr., died this year in Atlanta. Ga.