January 14, 2003

SAN FRANCISCO FED NAMES NEW LEADERS TO ITS ADVISORY COUNCIL

San Francisco - Don "Duff" Willey, president of the Willey Automotive Group, Salt Lake City, Utah, and Thomas E. Cleveland, chairman and chief executive officer of Access Business Finance in Bellevue, Washington, were designated as chairman and vice chairman, respectively, for the Federal Reserve Bank of San Francisco's Advisory Council.

The Advisory Council represents diverse industries and regions in the Twelfth District's nine-state economy, with a particular emphasis on small business and agriculture. The Advisory Council provides important grassroots information to the Federal Reserve System on current and pending economic developments in the District.

Mr. Willey is president of Willey Automotive Group Inc., a holding company of automotive enterprises including sales of Honda, Mazda and Ford. From 1998-2001, he also served as CEO of Ford Motor Company's Retail Network, the Utah Auto Collection, which consisted of thirteen automotive dealerships in the Greater Salt Lake Area. A native of Utah, he graduated from the University of Utah with a degree in business management. Willey was appointed to the Twelfth District's Advisory Council in 1996. He is also a member of the Health Science Advocacy Group with the University of Utah.

Mr. Cleveland is chairman, chief executive officer, and co-founder of Access Business Finance, a Bellevue, Washington company that provides asset-based working capital for financing small- and medium-sized businesses. Prior to Access Business Finance, he founded Enterprise Bank, a commercial bank focused on independent businesses and Pacific Rim trade, which he ran for seven years before it was acquired in 1995 by Washington Mutual Bank. Cleveland is a graduate of the University of Arizona and the American Graduate School of International Management. He began his banking career in 1971 as a trainee and account officer for Bank of America. Among his professional and civic affiliations, Cleveland is a director and chairman of the Finance and Audit Committee of Overlake Hospital in Bellevue, Washington. He also served as a Seattle Branch director of the Federal Reserve Bank of San Francisco from 1993-1996. Other community activities include the Seattle University Mentor Program, Community Homes of Washington, and the Presidential Leadership Team for the $1 billion University of Arizona's "Campaign Arizona."

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.