November 29, 2004

Arizonan Joins San Francisco Federal Reserve Bank Advisory Council

San Francisco, November 29, 2004—The Federal Reserve Bank of San Francisco announced today that Stephen M. Brophy, a rancher, farmer, and land investor from Arizona, has accepted an invitation to join the Bank’s Advisory Council. The Bank’s Advisory Council represents diverse industries and regions in the Twelfth District, with a particular emphasis on small business and agriculture. In this role, Mr. Brophy will provide important grassroots information to the Federal Reserve System on current and pending economic developments in the District.

Mr. Brophy is president of Page Land & Cattle Co., an Arizona land investment, farming, and cattle ranching organization founded in Phoenix in 1910, and president of Aztec Land and Cattle Company, Limited, which first began its operations in Arizona in 1884. Mr. Brophy is also involved in agricultural row crop, produce and packing enterprises, and is a director of Towne Bank of Arizona. Among his professional affiliations, he is a member of the executive committees and boards of directors of both the Arizona Cattle Growers Association and Mountain States Legal Foundation. He holds an M.B.A. from Stanford University and a bachelor’s degree from the University of Arizona.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. 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.

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