Federal Reserve Bank of San Francisco
| Company type | Regional Federal Reserve Bank |
|---|---|
| Industry | Central banking |
| Founded | November 16, 1914 in San Francisco, California, United States |
| Headquarters | San Francisco , United States |
Area served | Twelfth District of the United States Federal Reserve System (Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, Washington, Northern Mariana Islands, American Samoa, Guam) |
Key people | Mary C. Daly (President and CEO since 2018) |
| Products | Central banking services, currency processing |
| Parent | Federal Reserve System |
| Website | www |
The Federal Reserve Bank of San Francisco (commonly referred to as the San Francisco Fed) functions as the central bank for the Twelfth District of the United States Federal Reserve System. This district includes nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—in addition to the territories of the Northern Mariana Islands, American Samoa, and Guam. The bank maintains branch offices located in Los Angeles, Portland, Salt Lake City, and Seattle, along with a cash processing facility in Phoenix.
Spanning roughly 1.3 million square miles, which accounts for 36% of the total U.S. landmass, the Twelfth District is the largest in both geographic size and population, serving nearly 60 million residents. The San Francisco Fed holds the position of second-largest Federal Reserve Bank by asset size, trailing only the New York Fed. In 2004 alone, it handled 20.8 billion currency notes and processed 1.5 billion commercial checks.
Among its notable assets is one of the most extensive collections of U.S. paper currency, exhibited in the American Currency Exhibit.
Since October 1, 2018, Mary C. Daly has served as President and CEO. Distinguished previous presidents include John C. Williams (2011–2018), who currently leads the Federal Reserve Bank of New York and serves as Vice Chairman of the Federal Open Market Committee, and Janet Yellen (2004–2010), who subsequently chaired the Board of Governors from 2014 to 2018.
History
The San Francisco Federal Reserve Bank commenced its operations on November 16, 1914, initially operating out of leased quarters behind the Merchants National Bank to fulfill mandates under the Federal Reserve Act. In 1924, it transitioned into a newly built headquarters at 400 Sansome Street, which remained its base for six decades before relocating to 101 Market Street in 1983.
Branches
After its foundation, multiple branches were established to effectively serve the vast Twelfth District:
- Spokane branch (inaugurated July 26, 1917; closed in 1938)
- Seattle branch (opened September 19, 1917)
- Portland branch (began operations October 1, 1917; discontinued cash handling in 2005; currently functions as a cash storage and transfer depot)
- Salt Lake City branch (opened April 1, 1918)
- Los Angeles branch (established January 2, 1920)
Furthermore, in 2001, the bank launched the Phoenix Cash Processing Center to improve cash management services throughout the district.
Buildings
The former headquarters at 400 Sansome Street was designed by architect George W. Kelham and showcases an elegant Ionic colonnade emblematic of pure Beaux-Arts design. The upper stories incorporate elements characteristic of the 1924 Moderne style. Inside, the lobby features murals created by Jules Guerin, recognized for his contributions to the 1915 Panama-Pacific International Exhibition. In 1983, operations moved to a more spacious and contemporary building at 101 Market Street, with ownership of the Sansome Street property transferring to private developers. This structure subsequently accommodated tenants such as law firm Orrick Herrington & Sutcliffe until 2002 and presently houses the offices of the Bar Association of San Francisco. The building is officially listed on the National Register of Historic Places (NRHP).
Similarly, the 1929-built Los Angeles branch building holds NRHP status. In 1987, this branch moved into a new facility adjacent to its original location at South Grand Avenue and Olympic Boulevard.
The Seattle branch operated from a dedicated facility—the Federal Reserve Bank Building—in downtown Seattle between 1951 and 2008. This building was specifically constructed for Federal Reserve use and is also listed on the NRHP.
Board of directors
As of June 2025, the board is composed of executives representing a variety of sectors throughout the western United States:
| Name | Position | Classification | Term Ends |
|---|---|---|---|
| Jeffrey Newgard | Chairman, President, and CEO, Bank of Idaho, Idaho Falls, Idaho | A | 2025 |
| Clint Stein | Chief Executive Officer, 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 | Chief Executive Officer, ITJ USA, San Diego, California | B | 2025 |
| Karen Kimbrough | Chief Economist, LinkedIn, Sunnyvale, California | B | 2026 |
| Jack Sinclair | Chief Executive Officer, Sprouts Farmers Market, Phoenix, Arizona | B | 2024 |
| Russell Childs (Chair) | President and CEO, SkyWest, Inc., St. George, Utah | C | 2026 |
| Mario Cordero | Chief Executive Officer, 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
Before the enactment of the Banking Act of 1935, the top leadership was known as "Governor." This legislation unified the roles into a single "President" position.
| # | Portrait | Leader | Years of Life | Start of Term | End of Term | Duration in Office | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Governors | |||||||||||||||||
| 1 | Archibald C. Kains | 1865–1944 | November 25, 1914 | July 5, 1917 | Template:Age in years and days | ||||||||||||
| 2 | James K. Lynch* | 1857–1919 | August 7, 1917 | April 26, 1919 | Template:Age in years and days | ||||||||||||
| 3 | John U. Calkins | 1863–1954 | May 6, 1919 | February 29, 1936 | Template:Age in years and days | ||||||||||||
| Presidents | |||||||||||||||||
| 4 | William A. Day | 1876–1951 | April 1, 1936 | December 31, 1945 | Template:Age in years and days | ||||||||||||
| 5 | Ira Clerk* | 1885–1946 | January 1, 1946 | September 28, 1946 | |||||||||||||
See also
- Federal Reserve Act
- Federal Reserve System
- Federal Reserve Bank
- Federal Reserve Districts
- Federal Reserve Branches
- Federal Reserve Bank of San Francisco Building (San Francisco, California)
- Structure of the Federal Reserve System
External links
- Official website of FRBSF
- FRBSF Currency Exhibit
- Information on FRBSF Tours
- Archival materials related to the Federal Reserve Bank of San Francisco, including yearly reports dating back to 1915
- Public addresses by former FRBSF Presidents available on FRASER
- Speeches delivered by FRBSF Presidents
- The previous main office building is situated at coordinates
- Articles with short description
- Federal Reserve Banks
- Government buildings in San Francisco
- Streamline Moderne architecture in California
- Bank buildings on the National Register of Historic Places in California
- Economy of the Western United States
- National Register of Historic Places in San Francisco
- Bank buildings in San Francisco