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Federal Reserve Bank of San Francisco

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 statesAlaska, 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.

Federal Reserve Bank of San Francisco
Seal of the United States Federal Reserve System.svg
San Francisco Fed 1.jpg
A side view of the current Fed building, showing the Fed's seal
Federal Reserve Bank of San Francisco is located in San Francisco County
Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco
Location within San Francisco County
Federal Reserve Bank of San Francisco is located in California
Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco (California)
Federal Reserve Bank of San Francisco is located in the US
Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco
Federal Reserve Bank of San Francisco (the US)
General information
Architectural styleBeaux-Arts
Address101 Market Street,
Town or citySan Francisco, California
CountryUnited States
Coordinates37°47′35″N 122°23′44″W / 37.79306°N 122.39556°W / 37.79306; -122.39556Coordinates: 37°47′35″N 122°23′44″W / 37.79306°N 122.39556°W / 37.79306; -122.39556
Relocated400 Sansome Street (1924), 101 Market St. (1983)
Federal reserve districts, of which the 12th is largest and most populous
Map of the Twelfth District

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]

Contents

HistoryEdit

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 St.

BuildingsEdit

 
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).

There is also a Federal Reserve Bank of San Francisco building in Los Angeles. The 1929 built 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.[2]

Board of DirectorsEdit

The following people serve on the board of directors as of 2013:[3]

Class AEdit

Class A
Name Title Term Expires
Betsy Lawer Vice Chair
First National Bank Alaska
Anchorage, Alaska
2013
Megan F. Clubb President and Chief Executive Officer
Baker Boyer National Bank
Walla Walla, Washington
2014
Peter S. Ho Chairman, President, and Chief Executive Officer
Bank of Hawaii and Bank of Hawaii Corporation
Honolulu, Hawaii
2015

Class BEdit

Class B
Name Title Term Expires
Nicole C. Taylor President and Chief Executive Officer
East Bay Community Foundation
Oakland, California
2013
Richard A. Galanti Executive Vice President and Chief Financial Officer
Costco Wholesale Corporation
Issaquah, Washington
2014
Steven E. Bochner Partner
Wilson, Sonsini, Goodrich, & Rosati, P.C.
Palo Alto, California
2015

Class CEdit

Class C
Name Title Term Expires
Patricia E. Yarrington

(Chair)

Vice President and Chief Financial Officer
Chevron Corporation
San Ramon, California
2013
Roy A. Vallee

(Deputy Chair)

Retired Executive Chairman and Chief Executive Officer
Avnet, Inc.
Phoenix, Arizona
2014
Alexander R. Mehran President and Chief Executive Officer
City Scene Management Company
San Diego, California
2015

BranchesEdit

See alsoEdit

ReferencesEdit

  1. ^ Release Dates
  2. ^ Ott, Jennifer (September 20, 2008). "Federal Reserve Bank (Seattle)". HistoryLink. Retrieved July 24, 2016.
  3. ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 8, 2013.

External linksEdit