The Federal Reserve Bank of San Francisco was incorporated May 20, 1914. Less than six months later, on November 16, the Bank opened its doors for business in rented quarters in the back of the old Merchants National Bank with fewer than 25 employees. Just as the Twelfth District has undergone tremendous change, so has the Bank. By November 1928, 14 years after the founding date, the FRBSF newsletter at the time, "Head Office News," proclaimed, "The Bank has taken a permanent place in the financial structure of this western territory and of the nation." A full 33 years later, in 1947, the same publication referenced District tribulations and observed, "The solution of these problems will present a challenge and an opportunity to us and to those who succeed us who will mark future anniversaries of the Bank." See a glimpse into the Federal Reserve Bank of San Francisco through time.