# 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 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 km$^2$), 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. In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.
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.
Mary C. Daly serves as the President and CEO as of October 1, 2018. Notable former Presidents include John C. Williams (2011–2018), who now holds the same role at the Federal Reserve Bank of New York and is Vice Chairman of the Federal Open Market Committee, as well as Janet Yellen (2004–2010), who held the role of Chair of the Board of Governors from 2014 to 2018.

## 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.

### Branches

After the bank's creation, a number of branches were opened to provide services across the district.
* Spokane branch (opened July 26, 1917; closed 1938)
* Seattle branch (opened September 19, 1917)
* Portland branch (opened October 1, 1917; ceased cash operations 2005; currently a depot site)
* Salt Lake City branch (opened April 1, 1918)
* Los Angeles branch (opened January 2, 1920)
Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.

## Buildings

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.

## Board of directors

The following people serve on the board of directors as of 2023:

### 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.
| # | CEO | Life span | Term start | Term end | Tenure length |
| Governors ||||||||
| 1 | Archibald C. Kains | 1865–1944 | November 25, 1914 | July 5, 1917 | 2 years, 222 days |
| 2 | James K. Lynch* | 1857–1919 | August 7, 1917 | April 26, 1919 | 1 year, 262 days |
| 3 | John U. Calkins | 1863–1954 | May 6, 1919 | February 29, 1936 | 16 years, 299 days |
| Presidents ||||||||
| 4 | William A. Day | 1876–1951 | April 1, 1936 | December 31, 1945 | 9 years, 274 days |
| 5 | Ira Clerk* | 1885–1946 | January 1, 1946 | September 28, 1946 | 270 days |
| 6 | C. E. Earhart | 1890–1982 | October 17, 1946 | February 28, 1956 | 9 years, 134 days |
| 7 | Hermann N. Mangels | 1897–1961 | March 1, 1956 | February 28, 1961 | 4 years, 364 days |
| 8 | Eliot J. Swan | 1911–1998 | March 1, 1961 | June 1, 1972 | 11 years, 30 days |
| 9 | John J. Balles† | 1921–2005 | September 25, 1972 | February 1, 1986 | 13 years, 129 days |
| 10 | Robert T. Parry† | 1939- | February 4, 1986 | June 1, 2004 | 18 years, 118 days |
| 11 | Janet Yellen | 1946– | June 14, 2004 | October 4, 2010 | 6 years, 112 days |
| 12 | John C. Williams | 1962– | March 1, 2011 | June 17, 2018 | 7 years, 108 days |
| 13 | Mary C. Daly | 1962- | October 1, 2018 | Incumbent | 6 years, 117 days |
| † | Stepped down due to reaching retirement age |
| * | Died in office |