Federal Reserve Bank of San Francisco

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Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states" Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington" plus the Northern Mariana Islands, American Samoa, and Guam. The Federal Reserve Bank of San Francisco has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix. The twelfth district is the nation's largest by area and population, covering 1.3 million square miles (36% of the nation's area) and 60 million people. The Federal Reserve Bank of San Francisco is the third-largest by assets held, after New York and Richmond. In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks. The current president, appointed in 2004, is Janet Yellen. The Federal Reserve Bank in San Francisco has one of the largest collections of US paper money in the United States, which is displayed in the American Currency Exhibit.

History
The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to make the reserve provisions of the Federal Reserve Act. In 1924, the San Francisco staff moved out of temporary locations and into the Bank's newly built headquarters at 400 Sansome Street, a location that it would occupy for the next 60 years.

Buildings
The headquarters building of the bank, designed by George W. Kelham, has an Ionic colonnade that is pure Beaux-Arts, while the upper building is in the new Moderne fashion of 1924. The lobby with murals by Jules Guerin who created the palette for the 1915 Panama-Pacific International Exhibition. In 1983 the bank relocated to larger and more modern facilities on 101 Market Street as the 400 Sansome Street location was sold to private developers who rented out the space. Prominent law firm Orrick Herrington & Sutcliffe was headquartered in the building until 2002 when the firm moved out of the space. The building continues to be owned by private developers and currently has no tenants. It is listed on the National Register of Historic Places (NRHP). There is also a Federal Reserve Bank of San Francisco building in Los Angeles. The 1929 built building is also NRHP-listed.

Current Board of Directors
The following people serve on the board of directors as of 2010: All terms expire December 31.

Class A

Class B

Class C

Branches
  • Federal Reserve Bank of San Francisco Los Angeles Branch
  • Federal Reserve Bank of San Francisco Portland Branch
  • Federal Reserve Bank of San Francisco Salt Lake City Branch
  • Federal Reserve Bank of San Francisco Seattle Branch


Class A Name Title Term Expires Arnold T. Grisham Director Alta Alliance Bank Oakland, California 2010 Dann H. Bowman President and Chief Executive Officer Chino Commercial Bank, N.A. Chino, California 2011 Kenneth P. Wilcox Chief Executive Officer SVB Financial Group Santa Clara, California 2012 Class B Name Title Term Expires William D. Jones President and Chief Executive Officer CityLink Investment Corporation San Diego, California 2010 Karla S. Chambers Vice President and Co-Owner Stahlbush Island Farms, Inc. Corvallis, Oregon 2011 Blake W. Nordstrom President Nordstrom, Inc. Seattle, Washington 2012 Class C Name Title Term Expires Patricia E. Yarrington Vice President and Chief Financial Officer Chevron Corporation San Ramon, California 2010 Douglas W. Shorenstein (Deputy Chair) Chairman and Chief Executive Officer Shorenstein Properties LLC San Francisco, California 2011 T. Gary Rogers (Chair) Former Chairman of the Board Levi Strauss & Co. San Francisco, California 2012

Building Activity

  • removed a media
    about 6 years ago via OpenBuildings.com