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The Federal Reserve Bank of San Francisco is the Federal Reserve Bank for the twelfth district of the United States, which includes the nine western states of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington, and the unincorporated territories of American Samoa, Guam, and the Northern Mariana Islands. The bank is headquartered in San Francisco, California, and contains branch offices in Los Angeles, California; Portland, Oregon; Salt Lake City, Utah; and Seattle, Washington. It also has a cash processing center in Phoenix, Arizona.
The Federal Reserve Bank of San Francisco is the third-largest by assets held, after the Federal Reserves of New York and Richmond. In 2004, the San Francisco Federal Reserve Bank processed 20.8 billion banknotes and 1.5 billion commercial checks. Notes from this bank bear a Federal Seal with the letter "L". The current president, appointed in 2011, is John C. Williams (1962–).
History[edit | edit source]
In order to carry out reserve provisions of the Federal Reserve Act passed in 1913, the Federal Reserve Bank of San Francisco was opened on November 16, 1914 in rented quarters at the rear of the Merchants National Bank in San Francisco. This location was to be a temporary one, until a Federal Reserve building in the area could be completed. In 1924, the bank's staff moved out of the temporary building and into a newly built headquarters at 400 Sansome Street, which the Bank would occupy for the next 60 years. In 1983, the Federal Reserve Bank of San Francisco headquarters was moved to 101 Market Street, where it currently operates.
Buildings[edit | edit source]
Headquarters[edit | edit source]
The old headquarters of the Federal Reserve Bank of San Francisco, designed by American architect George W. Kelham (1871–1936), was built at 400 Sansome Street in 1924. The bank moved out of this facility in 1983, and it was sold to private developers who rented out the space. The law firm Orrick, Herrington & Sutcliffe was headquartered in the old building until 2002 when the company moved its headquarters to Howard Street in San Francisco. The building continues to be owned by private developers. It was added to the National Register of Historic Places (NRHC) on July 31, 1989.
The Federal Reserve Bank of San Francisco moved into its current, larger and more modern facility, located at 101 Market Street, in 1983. Inside the new headquarters is one of the largest collections of paper money in the United States, which is displayed in the American Currency Exhibit.
Los Angeles Branch[edit | edit source]
The Los Angeles Branch is the southernmost branch of the Federal Reserve Bank of San Francisco. The original building was built in 1929 on Olympic Boulevard and Olive Street in Downtown Los Angeles. It was designed by the Parkinsons, an architectural team consisting of John B. Parkinson (1861–1935) and his son Donald D. Parkinson (1895–1945). A newer adjacent structure housing the Federal Reserve Bank branch in Los Angeles, designed by Dan Dworsky (1927–), was opened in the 1990s. The original building, now a loft, was listed on the National Register of Historic Places on September 20, 1984, nearly five years before the original headquarters of the Bank.
Phoenix Facility[edit | edit source]
The Federal Reserve Bank of San Francisco has a cash processing center in Phoenix, Arizona. It is located at 1550 North 47th Avenue.
Portland Branch[edit | edit source]
The Portland Branch is the second northernmost branch of the Federal Reserve Bank of San Francisco, succeeded only by the branch in Seattle, Washington. This modernist-style building was built in 1950. It was designed by famed Italian-American architect Pietro Belluschi (1899–1994) not long after the completion of one his most well-known projects, the Zion Lutheran Church of Portland. The Portland Branch building is currently located at 1500 SW First Avenue.
Salt Lake City Branch[edit | edit source]
The Salt Lake City Branch of the Federal Reserve Bank of San Francisco was established shortly after the Bank itself was founded. The branch originally operated in the Deseret Bank Building of Salt Lake City. On February 26, 1921, the Federal Reserve Bank purchased a building site at the Gardo House from the Church of Jesus Christ of Latter-day Saints for $115,000 (approximately $1,496,651.12 in 2013 dollars) in order to erect a larger operating facility. Under contract by the Bank, the Ketchum Builder Supply Company demolished the Gardo House on November 26, 1921, and the Salt Lake City building was eventually built in its place. At some point this building was razed and the Eagle Gate Plaza now stands on the site. The current building is located at 120 South State Street.
Seattle Branch[edit | edit source]
The Seattle Branch is the northernmost branch of the Federal Reserve Bank of San Francisco. It initially operated at the National Bank of Commerce in Seattle. Newspapers announced in 1948 that the Federal Reserve Bank had planned to establish a new bank building for the Seattle Branch at 1015 2nd Avenue. Once this six-story steel frame building was completed, it served as the branch's headquarters until the current building, located at 2700 Naches Avenue in Renton, 11 miles south of Seattle, opened in 2008.
District[edit | edit source]
Federal Reserve District 12, the district of the Federal Reserve Bank of San Francisco, consists of the states of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington, and also includes American Samoa, Guam, and the Northern Mariana Islands. It is the nation's largest district in terms of area and population, covering over 1.3 million square miles and around 60 million people. Banknotes printed at the San Francisco Fed from the inception of the Federal Reserve division in 1914 to the 1995 series, and 1 and 2 dollar notes produced since, can be identified from a seal bearing an "L" and the text "FEDERAL RESERVE BANK OF SAN FRANCISCO" on the obverses. On later 5, 10, 20, 50, and 100 dollar bills, San Francisco can be identified by the use of an "L" as the second letter of the serial number (e.g. JL 00000001 A).
Board of Directors[edit | edit source]
The following people serve on the Board of Directors of the San Francisco Fed as of 2014. All terms expire on December 31.
Class A[edit | edit source]
|Megan F. Clubb||Chief Executive Officer and Chairman of the Board
Baker Boyer National Bank
Walla Walla, Washington
|Peter S. Ho||Chairman, President, and Chief Executive Officer
Bank of Hawaii and Bank of Hawaii Corporation
|Steven R. Gardner||President and Chief Executive Officer
Pacific Premier Bank
Class B[edit | edit source]
|Richard A. Galanti||Executive Vice President and Chief Financial Officer
Costco Wholesale Corporation
|Steven E. Bochner||Partner
Wilson, Sonsini, Goodrich, & Rosati, P.C.
Palo Alto, California
|Nicole C. Taylor||President and Chief Executive Officer
Thrive Foundation for Youth
Menlo Park, California
Class C[edit | edit source]
|Roy A. Vallee (Deputy Chair)||Chairman and Chief Executive Officer (retired)
|Alexander R. Mehran||President and Chief Executive Officer
Sunset Development Company
San Ramon, California
|Patricia E. Yarrington (Chair)||Vice President and Chief Financial Officer
San Ramon, California
References[edit | edit source]
- Federal Reserve Bank of San Francisco on the English Wikipedia
- Board of Governors of the Federal Reserve System – Directors of Federal Reserve Banks and Branches
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