January 16, 2001

CONTACTS:	Elizabeth Masten Federal Reserve Bank of San Francisco	(415) 974-2133
	Joanne Curran Union Bank of California	(213) 236-5017

Hartnack Elected To San Francisco Fed

SAN FRANCISCO, January 16, 2001 - Member banks in the Twelfth Federal Reserve District have elected California banker Richard C. Hartnack to the board of directors of the Federal Reserve Bank of San Francisco for a three-year term beginning January 12, 2001.

Mr. Hartnack, 55, is Vice Chairman and Director of Union Bank of California and UnionBanCal Corporation, San Francisco. He was elected by the largest member banks in the Fed District's nine western states.

A banker for thirty years, Mr. Hartnack began his career with the former First National Bank of Oregon in 1971, where he was named Senior Vice President and head of the Corporate Banking Division in 1979. Three years later, he joined First National Bank of Chicago (now BankOne) as head of Private Banking and Personal Trust, and was appointed Executive Vice President and a Member of the Management Committee in 1988, with responsibility for the Community Banking Group. Mr. Hartnack came to Union Bank of California in 1991 where he was elected Vice Chairman of the Board and head of the Community Banking and Investment Services Group.

A graduate of the University of California at Los Angeles, Mr. Hartnack earned his Master of Business Administration from Stanford University in 1976. Active in industry and community affairs, he currently serves as Vice Chairman of the California Bankers Association, and Chairman-Elect for 2002, and as a director of numerous organizations including the California Community Reinvestment Corporation, the California Chamber of Commerce, Independent Colleges of Southern California, MasterCard International, Operation Hope, and the Women's Enterprise Development Corporation, and as a trustee of Los Angeles Neighborhood Housing Services and the Tomas Rivera Policy Institute, among others. He is a past Chairman of the Pacific Coast Banking School and of the Consumer Bankers Association, among other leadership positions. Mr. Hartnack is based in Los Angeles.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices at Los Angeles, Portland, Salt Lake City, and Seattle. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government. Head office directors are responsible for overseeing Reserve Bank operations, selecting the Reserve Bank president, providing details of economic trends in their regions, and advising the Bank's president and Board of Governors of the Federal Reserve System on the general direction of monetary policy by establishing the Bank's discount rates.