Federal Reserve Bank of San Francisco

Federal Reserve Bank of San Francisco

Federal Reserve Seal
Headquarters
Headquarters	101 Market Street San Francisco, California, USA
Established	May 18, 1914 (110 years ago) (1914-05-18)
President	Mary C. Daly
Central bank of	Twelfth District  Alaska  American Samoa  Arizona  California  Guam  Hawaii  Idaho  Nevada  Northern Mariana Islands  Oregon  Utah  Washington
Website	frbsf.org
The Federal Reserve Bank of San Francisco is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) 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 San Francisco Fed 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 sq mi (3.4 million km²), or 36% of the nation's area, and 60 million people. The Federal Reserve Bank of San Francisco is the second-largest by assets held, after New York.^[1] In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.^{[citation needed]}

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.^{[citation needed]}

Mary C. Daly serves as the President and CEO as of October 1, 2018.^[2] Notable former Presidents include John C. Williams (2011–2018), who now holds the same role at the Federal Reserve Bank of New York^[3] and is Vice Chairman of the Federal Open Market Committee,^[4] as well as Janet Yellen (2004–2010), who held the role of Chair of the Board of Governors from 2014 to 2018.^[5]

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. In 1983, the bank relocated to 101 Market Street.

Federal reserve districts, of which the 12th is largest and most populous

Map of the Twelfth District

Branches

After the bank's creation, a number of branches were opened to provide services across the district.^[6]

• Spokane branch (opened July 26, 1917; closed 1938)^[6][7]
• Seattle branch (opened September 19, 1917)^[6]
• Portland branch (opened October 1, 1917; ceased cash operations 2005; currently a depot site)^[6][8]
• Salt Lake City branch (opened April 1, 1918)^[6][9]
• Los Angeles branch (opened January 2, 1920)^[6][10]

Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.^[11]

Buildings

The façade of the old Federal Reserve Bank of San Francisco at 400 Sansome Street

The current Fed building in front view.

The old 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 current tenants include the Bar Association of San Francisco. It is listed on the National Register of Historic Places (NRHP).

The 1929 Los Angeles branch building is also NRHP-listed.

From 1951 to 2008, the Seattle branch was headquartered at the Federal Reserve Bank Building in Downtown Seattle, which had been built in 1951 for the branch and is listed on the NRHP.^[12]

Board of directors

The following people serve on the board of directors as of 2023^[update]:^[13]

Class A

Class A

Name	Title	Term Expires
Clint E. Stein	President and chief executive officer Columbia Banking System Chief Executive Officer Umpqua Bank Tacoma, Washington	2024
Simone Lagomarsino	President and chief executive officer, Luther Burbank Savings and Luther Burbank Corporation Santa Rosa, California	2025
Laura Lee Stewart	President and chief executive officer Sound Community Bank and Sound Financial Bancorporation Seattle, Washington	2026

Class B

Class B

Name	Title	Term Expires
Arthur F. Oppenheimer	Chairman and chief executive officer Oppenheimer Companies, Inc., and President Oppenheimer Development Corporation Boise, Idaho	2024
Maritza Diaz	Chief Executive Officer iTjuana San Diego, California	2025
Karen Kimbrough	Chief Economist LinkedIn Sunnyvale, California	2026

Class C

Class C

Name	Title	Term Expires
David P. White (chair)	Chief Executive Officer 3CG Ventures Former National Executive Director Screen Actors Guild (SAG-AFTRA) Los Angeles, California	2024
Mario Cordero	Executive Director Port of Long Beach Long Beach, California	2025
Russell A. (Chip) Childs (deputy chair)	Chief Executive Officer and President SkyWest, Inc. St. George, Utah	2026

Governors and presidents

The position was installed under the title of "Governor" until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

#	Portrait	CEO	Life span	Term start	Term end	Tenure length	Ref
Governors
1		Archibald C. Kains	1865–1944	November 25, 1914	July 5, 1917	2 years, 222 days	[14]
2		James K. Lynch*	1857–1919	August 7, 1917	April 26, 1919	1 year, 262 days	[15]
3		John U. Calkins	1863–1954	May 6, 1919	February 29, 1936	16 years, 299 days	[16]
Presidents
4		William A. Day	1876–1951	April 1, 1936	December 31, 1945	9 years, 274 days	[17]
5		Ira Clerk*	1885–1946	January 1, 1946	September 28, 1946	270 days	[18]
6		C. E. Earhart	1890–1982	October 17, 1946	February 28, 1956	9 years, 134 days	[19]
7		Hermann N. Mangels	1897–1961	March 1, 1956	February 28, 1961	4 years, 364 days	[20]
8		Eliot J. Swan	1911–1998	March 1, 1961	June 1, 1972	11 years, 30 days	[21]
9		John J. Balles†	1921–2005	September 25, 1972	February 1, 1986	13 years, 129 days	[22]
10		Robert T. Parry†	1939-	February 4, 1986	June 1, 2004	18 years, 118 days	[23]
11		Janet Yellen	1946–	June 14, 2004	October 4, 2010	6 years, 112 days	[24]
12		John C. Williams	1962–	March 1, 2011	June 17, 2018	7 years, 108 days	[25]
13		Mary C. Daly	1962-	October 1, 2018	Incumbent	6 years, 92 days	[26]

†	Stepped down due to reaching retirement age
*	Died in office

See also

• Federal Reserve Act
• Federal Reserve System
• Federal Reserve Bank
• Federal Reserve Districts
• Federal Reserve Branches
• Federal Reserve Bank of San Francisco Building (San Francisco, California)
• Structure of the Federal Reserve System

References

1. Release Dates
2. "Office of the President". Federal Reserve Bank of San Francisco. Retrieved 2020-02-29.
3. "Office of the President - FEDERAL RESERVE BANK of NEW YORK". www.newyorkfed.org. Retrieved 2020-02-29.
4. "The Fed - Federal Open Market Committee". Board of Governors of the Federal Reserve System. Retrieved 2020-02-29.
5. "Janet L. Yellen | Federal Reserve History". www.federalreservehistory.org. Retrieved 2020-02-29.
6. Federal Reserve Board (June 1925). Branches and Agencies of Federal Reserve Banks (PDF) (Report). p. 1. Retrieved June 30, 2024.
7. Kershner, Jim (April 29, 2017). "100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane". The Spokesman-Review. Spokane, Washington. Retrieved June 30, 2024.
8. "FRBSF: Our Branches, Seattle". frbsf.org. Federal Reserve Bank of San Francisco. Retrieved June 30, 2024. The Portland Cash Operation closed in 2005 and was absorbed by the Seattle office. Portland is now a Depot site for the storage and transfer of cash, one of only ten in the Federal Reserve System.
9. "Salt Lake Branch Federal Reserve Bank Now Open". Deseret Evening News. Salt Lake City. April 1, 1918. section 2; page 1. Retrieved June 30, 2024.
10. Replogle, Roger; Alexander, Jessica (January 13, 2020). "Commemorating 100 Years in Los Angeles". FRBSF: Blog. Federal Reserve Bank of San Francisco. Retrieved June 30, 2024.
11. Federal Reserve Bank of San Francisco (September 13, 2021). "Federal Reserve Bank of San Francisco". Federal Reserve History. Retrieved June 30, 2024.
12. Ott, Jennifer (September 20, 2008). "Federal Reserve Bank (Seattle)". HistoryLink. Retrieved July 24, 2016.
13. "Federal Reserve Board - Federal Reserve Bank of San Francisco: San Francisco Board of Directors". Retrieved March 10, 2023.
14. "Archibald C. Kains". Federal Reserve History. Retrieved May 5, 2021.
15. "James K. Lynch". Federal Reserve History. Retrieved May 5, 2021.
16. "John U. Calkins". Federal Reserve History. Retrieved May 5, 2021.
17. "William A. Day". Federal Reserve History. Retrieved May 5, 2021.
18. "Ira Clerk". Federal Reserve History. Retrieved May 5, 2021.
19. "C. E. Earhart". Federal Reserve History. Retrieved May 5, 2021.
20. "Hermann N. Mangels". Federal Reserve History. Retrieved May 5, 2021.
21. "Eliot J. Swan". Federal Reserve. Retrieved May 5, 2021.
22. "John J. Balles". Federal Reserve History. Retrieved May 5, 2021.
23. "Robert T. Parry". Federal Reserve History. Retrieved May 5, 2021.
24. "Janet L. Yellen". Federal Reserve History. Retrieved May 5, 2021.
25. "John C. Williams". Federal Reserve History. Retrieved May 5, 2021.
26. "Mary C. Daly". Federal Reserve History. Retrieved May 5, 2021.

External links

• Official FRBSF Site
• FRBSF Currency Exhibit Archived 2006-01-26 at the Wayback Machine
• FRBSF Tour Info
• Historical resources by and about the Federal Reserve Bank of San Francisco including annual reports back to 1915
• Public Statements of Past Presidents of the Federal Reserve Bank of San Francisco on FRASER
• Speeches of Presidents of the Federal Reserve Bank of San Francisco
• The old main office building is at coordinates37.7943°N 122.4008°W / 37.7943; -122.4008