# EDGAR Filing Document

**Accession Number:** 0001316944
**File Stem:** 0001316944-25-000226
**Filing Date:** 2025-11
**Character Count:** 13467
**Document Hash:** 03c41cc8738490b547c6a6c71050d604
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001316944-25-000226.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001316944-25-000226

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251116

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of San Francisco
- **CENTRAL INDEX KEY:** 0001316944
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 946000630
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51398
- **FILM NUMBER:** 251500079

**BUSINESS ADDRESS:**
- **STREET 1:** 333 BUSH STREET, SUITE 2700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** (415) 616-1000

**MAIL ADDRESS:**
- **STREET 1:** 333 BUSH STREET, SUITE 2700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

?xml version='1.0' encoding='ASCII'? fhlbsf-20251116

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) November 16, 2025**

__________________

**FEDERAL HOME LOAN BANK OF SAN FRANCISCO**

**(Exact name of registrant as specified in its charter)**

__________________

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| | | |
|:---|:---|:---|
| **Federally chartered corporation of the United States** | **000-51398** | **94-6000630** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**333 Bush Street, Suite 2700**

**San Francisco, CA 94104**

**(Address of principal executive offices, including zip code)**

**(415) 616-1000**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

__________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 Title of each class Trading Symbol(s) Name of each exchange on which registered <br>  <u>—</u>  <u>—</u>  <u>—</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

(b) On November 16, 2025, California member director Jeffrey K. Ball resigned from the Federal Home Loan Bank of San Francisco's (Bank's) Board of Directors (Board), effective January 1, 2026, due to competing professional obligations. Mr. Ball's term was scheduled to expire on December 31, 2028. Mr. Ball currently serves as Chair of the Board's Regulatory Oversight Compliance Committee, Vice Chair of the Board's Audit Committee, and a member of the Board's Affordable Housing and Community Investment Committee, and Public Affairs Committee.

**Item 5.07 Submission of Matters to a Vote of Security Holders.**

On November 17, 2025, the Bank completed its director election voting process for both nonmember independent and member directorships with four-year terms beginning on January 1, 2026.

The Bank's 2025 director elections were conducted online. No in-person meeting of the members was held.

With respect to the at-large election, one candidate, incumbent Lori R. Gay, President and Chief Executive Officer, Neighborhood Housing Services of Los Angeles County, Los Angeles, California, was nominated by the Bank's Board to run for one nonmember public interest independent director position. Of the 333 institutions eligible to vote in the at-large election, 163 participated. Ms. Gay was elected, having received 5,238,598, or 39.48%, of the 13,269,104 total eligible voting shares.

The table below shows the number of votes that each candidate received in the 2025 at-large election for the public interest independent director position:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Organization** | **Votes** | **% of Total Eligible Voting Shares** |
| Lori R. Gay | President and Chief Executive Officer<br>Neighborhood Housing Services of Los Angeles County<br>Los Angeles, California | 5238598 | 39.48% |

---

With respect to the at-large election, one candidate, incumbent Banafsheh Akhlaghi, Outside General Counsel and Founder, Akhlaghi Law, Mill Valley, California, was nominated by the Bank's Board to run for the one open nonmember independent director position. Of the 333 institutions eligible to vote in the at-large election, 163 participated. Ms. Akhlaghi was elected, having received 5,085,742, or 38.33%, of the 13,269,104 total eligible voting shares.

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The table below shows the number of votes that each candidate received in the 2025 at-large election for the independent director position:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Organization** | **Votes** | **% of Total Eligible Voting Shares** |
| Banafsheh Akhlaghi | Outside General Counsel and Founder<br>Akhlaghi Law<br>Mill Valley, California | 5085742 | 38.33% |

---

Institutions eligible to vote in the 2025 California member director elections nominated two candidates for one California member director position to be filled in the 2025 California member director elections. Of these two candidates, incumbent California member director Joan Opp, President and Chief Executive Officer, Stanford Federal Credit Union, Palo Alto, California, received the most votes cast and was elected. Of the 272 institutions eligible to vote in the 2025 California member director election, 142 participated, casting a total of 6,327,979 votes, of which Ms. Opp received 4,983,889 votes, and of which the other candidate, Dante Tosetti, received 1,344,090 votes.

The table below shows the number of votes that each candidate received in the 2025 election for the California member director position:

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| | | |
|:---|:---|:---|
| **Name** | **Member** | **Votes** |
| Joan Opp | President and Chief Executive Officer <br>Stanford Federal Credit Union <br>Palo Alto, California (FHFA ID 12985) | 4983889 |
| Dante Tosetti | Chief Executive Officer <br>BAC Community Bank <br>Stockton, California (FHFA ID 53768) | 1344090 |

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The Bank's Board has not yet determined on which committees the directors-elect will serve in 2026. In accordance with Federal Housing Finance Agency regulations, compensation for service on the Bank's Board for these directors will be subject to the Bank's annual Director Compensation and Expense Reimbursement Policy.

**Item 7.01 Regulation FD Disclosure.**

The Bank issued a press release announcing the election results. The press release is furnished as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by

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reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

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| | | |
|:---|:---|:---|
| (d) | <u>Exhibit</u> | |
| | 99.1 | <u>[News Release, dated November 19, 2025, issued by the Federal Home Loan Bank of San Francisco](exhibit991newsreleasedated.htm)</u> |
| | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**Signature(s)**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **Federal Home Loan Bank of San Francisco** | **Federal Home Loan Bank of San Francisco** |
| Date: November 19, 2025 | By: | /s/ Joseph Amato |
|  |  | Joseph Amato<br>Interim President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FHLBank San Francisco Announces 2025 Director Elections Results**

SAN FRANCISCO, November 19, 2025 - The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced the results of its 2025 director elections.

FHLBank San Francisco's members re-elected incumbent independent director Banafsheh Akhlaghi and incumbent public interest independent director Lori R. Gay to new terms on FHLBank San Francisco's board of directors. In addition, California members re-elected incumbent California director Joan C. Opp to a new term on FHLBank San Francisco's board of directors.

Each of these three directors have been elected to four-year terms beginning January 1, 2026, and ending December 31, 2029.

**Banafsheh Akhlaghi, Principal, Akhlaghi Law**

Banafsheh Akhlaghi is principal of Akhlaghi Law, Mill Valley, California, an international private law practice founded in 2010. She has over 20 years of experience as founder of a civil rights nonprofit, consultant to the United Nations, and Regional Director with Amnesty International. Her expertise includes Compliance and Complex Regulatory Industries, Risk Management, Housing, Public Policy, and Artificial Intelligence Ethics. She has been a member since 2010 and was previously chair of the Legal Services Trust Fund Commission of the State Bar of California, focusing on legal advocacy for underserved and underrepresented populations and homelessness prevention.

**Lori R. Gay, President and CEO, Neighborhood Housing Services of Los Angeles County**

Ms. Gay has served as President and CEO of Neighborhood Housing Services of Los Angeles County (NHS) for 35 years. In this role, Ms. Gay has focused her work to mitigate poverty and improve the quality of life for families who are of modest means. Under Ms. Gay's leadership, NHS has become the largest affordable homeownership provider in Southern California, reaching more than 4.85 million families with financial counseling, affordable lending, and redevelopment services. Since 1984, the NHS team has reinvested more than $10.5 billion into some of LA County's most underserved neighborhoods, developing more than 28,000 housing and commercial units, employing over 275 youth, and creating 268 block clubs. Ms. Gay has served on numerous boards of directors, including the Federal Reserve Bank of San Francisco, Los Angeles Branch, the California Organized Investment Network (COIN), and the California Housing Finance Agency.

**Joan C. Opp, President and Chief Executive Officer, Stanford Federal Credit Union**

Joan C. Opp has been the president and chief executive officer of Stanford Federal Credit Union, Palo Alto, California, since May 2010. From February 2002 to April 2010, she was executive vice president and chief financial officer for Texas Trust Credit Union overseeing accounting, information technology, marketing and business services, as well as three credit union service organizations. Prior to that, Ms. Opp was a partner with the CPA firm of Clifton Gunderson, LLP, and is a Certified Public Accountant. Ms. Opp serves on the board of directors of CO-OP Financial.

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**Exhibit 99.1**

**About Federal Home Loan Bank of San Francisco**

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

<br>