Federal Reserve Bank of San Francisco

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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 Script error: No such module "convert"., 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.Script error: No such module "Unsubst".

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.Script error: No such module "Unsubst".

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.

File:Federal Reserve Districts Map.svg
Federal reserve districts, of which the 12th is largest and most populous
File:San Francisco Fed map.png
Map of the Twelfth District

Branches

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

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

Buildings

File:Federal Reserve Bank (San Francisco).JPG
The façade of the old Federal Reserve Bank of San Francisco at 400 Sansome Street
File:Federal Reserve Bank of San Francisco - panoramio.jpg
Arcade of the current building along Market Street

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 old 1929 Los Angeles branch building is also NRHP-listed. In 1987 the branch relocated to an adjacent new building at the corner of South Grand Ave and Olympic Blvd. [12]

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.[13]

Board of directors

The following people serve on the board of directors since June 2025Template:Dated maintenance category (articles)Script error: No such module "Check for unknown parameters".:[14]

Name Title Class Term Expires
Jeffrey Newgard Chairman, president, and CEO, Bank of Idaho, Idaho Falls, Idaho A 2025
Clint Stein CEO, Umpqua Bank, Tacoma, Washington A 2027
Laura Lee Stewart President and CEO, Sound Community Bank and Sound Financial Bancorporation, Seattle, Washington A 2026
Maritza Diaz CEO, ITJ USA, San Diego, California B 2025
Karen Kimbrough Chief Economist, LinkedIn, Sunnyvale, California B 2026
Jack Sinclair CEO, Sprouts Farmers Market, Phoenix, Arizona B 2024
Russell Childs (chair) President and CEO, SkyWest, Inc., St. George, Utah C 2026
Mario Cordero CEO, Port of Long Beach, Long Beach, California C 2025
Pallavi Mehta Wahi (deputy chair) Seattle Managing Partner, K&L Gates LLP, Seattle, Washington C 2027

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 File:Archibald C. Kains, official portrait.jpg Archibald C. Kains 1865–1944 November 25, 1914 July 5, 1917 Template:Age in years and days [15]
2 File:James K. Lynch, official portrait.jpg James K. Lynch* 1857–1919 August 7, 1917 April 26, 1919 Template:Age in years and days [16]
3 File:John U. Calkins, official portrait.jpg John U. Calkins 1863–1954 May 6, 1919 February 29, 1936 Template:Age in years and days [17]
Presidents
4 File:William A. Day, official portrait.jpg William A. Day 1876–1951 April 1, 1936 December 31, 1945 Template:Age in years and days [18]
5 File:Ira Clerk, official portrait.jpg Ira Clerk* 1885–1946 January 1, 1946 September 28, 1946 Template:Age in years and days [19]
6 File:C. E. Earhart, official portrait.jpg C. E. Earhart 1890–1982 October 17, 1946 February 28, 1956 Template:Age in years and days [20]
7 File:Hermann N. Mangels, official portrait.jpg Hermann N. Mangels 1897–1961 March 1, 1956 February 28, 1961 Template:Age in years and days [21]
8 File:Eliot J. Swan, official portrait.jpg Eliot J. Swan 1911–1998 March 1, 1961 June 1, 1972 Template:Age in years and days [22]
9 File:John J. Balles, official portrait.jpg John J. Balles† 1921–2005 September 25, 1972 February 1, 1986 Template:Age in years and days [23]
10 File:Robert T. Parry, official portrait.jpg Robert T. Parry† 1939- February 4, 1986 June 1, 2004 Template:Age in years and days [24]
11 File:Janet yellen.jpg Janet Yellen 1946– June 14, 2004 October 4, 2010 Template:Age in years and days [25]
12 File:Sf williams.jpg John C. Williams 1962– March 1, 2011 June 17, 2018 Template:Age in years and days [26]
13 File:David Schweikert and Mary C. Daly 02.jpg Mary C. Daly 1962- October 1, 2018 Incumbent Template:Age in years and days [27]
† Stepped down due to reaching retirement age
* Died in office

See also

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References

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External links

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