The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The twelfth district is made up of nine western
statesA U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
-—
AlaskaAlaska is the largest state in the United States by area. It is situated in the northwest extremity of the North American continent, with Canada to the east, the Arctic Ocean to the north, and the Pacific Ocean to the west and south, with Russia further west across the Bering Strait...
,
ArizonaArizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
,
CaliforniaCalifornia is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
,
HawaiiHawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
,
IdahoIdaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
,
NevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
,
OregonOregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
,
UtahUtah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
, and Washington--plus the
Northern Mariana IslandsThe Northern Mariana Islands, officially the Commonwealth of the Northern Mariana Islands , is a commonwealth in political union with the United States, occupying a strategic region of the western Pacific Ocean. It consists of 15 islands about three-quarters of the way from Hawaii to the Philippines...
,
American SamoaAmerican Samoa is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the sovereign state of Samoa...
, and
GuamGuam is an organized, unincorporated territory of the United States located in the western Pacific Ocean. It is one of five U.S. territories with an established civilian government. Guam is listed as one of 16 Non-Self-Governing Territories by the Special Committee on Decolonization of the United...
. The Federal Reserve Bank of San Francisco has branch offices in
Los AngelesLos Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
,
PortlandPortland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
,
Salt Lake CitySalt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake or SLC. With a population of 186,440 as of the 2010 Census, the city lies in the Salt Lake City metropolitan area, which has a total population of 1,124,197...
, and
SeattleSeattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
. It also has a cash processing center in
PhoenixPhoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...
.
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 YorkThe Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and
RichmondThe Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
. In 2004 the San Francisco Fed processed 20.8 billion
currencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
notes and 1.5 billion commercial checks. The current president, appointed in 2004, is John C. Williams.
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 BankMerchants National Bank can refer to several buildings:*Merchants National Bank of Sacramento in Sacramento, California* Merchants National Bank in New York City*Merchants' National Bank in Grinnell, Iowa...
on November 16, 1914, in order to make the reserve provisions of the
Federal Reserve ActThe Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...
. 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.
Buildings
The headquarters building of the bank, designed by
George W. KelhamGeorge William Kelham was an American architect most active in the San Francisco area.Born in Manchester, Massachusetts, Kelham was educated at Harvard and graduated from the Ecole des Beaux-Arts in 1896...
, has an
IonicThe Ionic order forms one of the three orders or organizational systems of classical architecture, the other two canonic orders being the Doric and the Corinthian...
colonnadeIn classical architecture, a colonnade denotes a long sequence of columns joined by their entablature, often free-standing, or part of a building....
that is pure
Beaux-Arts, while the upper building is in the new
ModerneStreamline Moderne, sometimes referred to by either name alone or as Art Moderne, was a late type of the Art Deco design style which emerged during the 1930s...
fashion of 1924. The lobby with murals by
Jules GuerinJules Guérin , American muralist, architectural delineator and illustrator.-Biography:Jules Vallée Guérin was born in St Louis, Missouri on November 18, 1866 and moved to Chicago to study art in 1880. In 1889 he is known to have shared a studio with Winsor McCay, the noted cartoonist...
who created the palette for the
1915 Panama-Pacific International ExhibitionThe Panama-Pacific International Exposition was a world's fair held in San Francisco, California between February 20 and December 4 in 1915. Its ostensible purpose was to celebrate the completion of the Panama Canal, but it was widely seen in the city as an opportunity to showcase its recovery...
. 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 & SutcliffeOrrick, Herrington & Sutcliffe LLP is an international law firm founded in San Francisco. Orrick traces its roots back to 1863, making it the oldest continuously-operating law firm in San Francisco, and the second-oldest privately-held company in San Francisco after Levi Strauss & Co....
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 PlacesThe National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
(NRHP).
There is also a
Federal Reserve Bank of San Francisco building in Los AngelesThe Federal Reserve Bank of San Francisco, Los Angeles Branch is the Southern California branch of the Federal Reserve Bank of San Francisco located on Grand Avenue and Olympic Blvd. in Los Angeles. Its original building is a historic-cultural monument, built in 1929 on Olympic Boulevard and Olive...
. The 1929 built building is also NRHP-listed.
Current Board of Directors
The following people serve on the board of directors as of 2011: All terms expire December 31.
Class A
Class A
| Name |
Title |
Term Expires |
| Dann H. Bowman |
President and Chief Executive Officer
Chino Commercial Bank, N.A.
Chino, CaliforniaChino is a city in San Bernardino County, California, United States. It is located in the western end of the Riverside-San Bernardino Area and it is easily accessible via the Chino Valley and Pomona freeways....
|
2011 |
| Kenneth P. Wilcox |
Chief Executive Officer
SVB Financial Group
Santa Clara, CaliforniaSanta Clara , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. The city is the site of the eighth of 21 California missions, Mission Santa Clara de Asís, and was named after the mission. The Mission and Mission Gardens are located on the...
|
2012 |
| Betsy Lawer |
Vice Chair
First National Bank AlaskaFirst National Bank Alaska is an American bank founded in 1922 by Winfield Ervin, Sr., as First National Bank of Anchorage. The first branch stood on the corner of Fourth and G in Anchorage, Alaska.-History:...
Anchorage, AlaskaAnchorage is a unified home rule municipality in the southcentral part of the U.S. state of Alaska. It is the northernmost major city in the United States...
|
2013 |
Class B
Class B
| Name |
Title |
Term Expires |
| Karla S. Chambers |
Vice President and Co-Owner
Stahlbush Island Farms, Inc.
Corvallis, OregonCorvallis is a city located in central western Oregon, United States. It is the county seat of Benton County and the principal city of the Corvallis, Oregon Metropolitan Statistical Area, which encompasses all of Benton County. As of the 2010 United States Census, the population was 54,462....
|
2011 |
| Blake W. Nordstrom |
President
Nordstrom, Inc.
Seattle, WashingtonSeattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
|
2012 |
| Nicole C. Taylor |
President and Chief Executive Officer
East Bay Community Foundation
Oakland, CaliforniaOakland is a major West Coast port city on San Francisco Bay in the U.S. state of California. It is the eighth-largest city in the state with a 2010 population of 390,724...
|
2013 |
Class C
Class C
| Name |
Title |
Term Expires |
Douglas W. Shorenstein
(Chair) |
Chairman and Chief Executive Officer
Shorenstein Properties LLC
San Francisco, CaliforniaSan Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
|
2011 |
| William D. Jones |
President and Chief Executive Officer
CityLink Investment Corporation
San Francisco, CaliforniaSan Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
|
2012 |
Patricia E. Yarrington
(Deputy Chair) |
Vice President and Chief Financial Officer
Chevron CorporationChevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
San Ramon, California-2010 census:The 2010 United States Census reported that San Ramon had a population of 72,148. The population density was 3,991.1 people per square mile...
|
2013 |
Branches
- Federal Reserve Bank of San Francisco Los Angeles Branch
The Federal Reserve Bank of San Francisco Los Angeles Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Los Angeles.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:-See also:...
- Federal Reserve Bank of San Francisco Portland Branch
The Federal Reserve Bank of San Francisco Portland Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Portland, Oregon at 1500 SW First Avenue.-Appointed by the Federal Reserve Bank:...
- Federal Reserve Bank of San Francisco Salt Lake City Branch
The Federal Reserve Bank of San Francisco Salt Lake City Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Salt Lake City.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:...
- Federal Reserve Bank of San Francisco Seattle Branch
The Federal Reserve Bank of San Francisco Seattle Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Seattle.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:-See also:...
See also
- Federal Reserve Act
The Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...
- Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
- Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
- Federal Reserve Districts
- Federal Reserve Branches
There are 24 Federal Reserve Branches. As late as 2008, there were 25 branches, but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed.List of Federal Reserve Branches* Boston* New York...
- Federal Reserve Bank of San Francisco Los Angeles Branch
The Federal Reserve Bank of San Francisco Los Angeles Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Los Angeles.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:-See also:...
- Federal Reserve Bank of San Francisco Portland Branch
The Federal Reserve Bank of San Francisco Portland Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Portland, Oregon at 1500 SW First Avenue.-Appointed by the Federal Reserve Bank:...
- Federal Reserve Bank of San Francisco Salt Lake City Branch
The Federal Reserve Bank of San Francisco Salt Lake City Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Salt Lake City.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:...
- Federal Reserve Bank of San Francisco Seattle Branch
The Federal Reserve Bank of San Francisco Seattle Branch is one of four branches of the Federal Reserve Bank of San Francisco.The branch is located in Seattle.-Appointed by the Federal Reserve Bank:-Appointed by the Board of Governors:-See also:...
- Federal Reserve Bank of San Francisco Building (San Francisco, California)
- Structure of the Federal Reserve System
The Federal Reserve System is composed of five parts:# The presidentially appointed Board of Governors , an independent federal government agency located in Washington, D.C....
External links