September 29, 2005

Federal Reserve Bank of San Francisco
to Relocate Portland Branch into Leased Space

San Francisco, September 29, 2005—The Federal Reserve Bank of San Francisco (FRBSF) today announced plans to relocate its branch staff into leased space at 1500 SW First Avenue in downtown Portland and put its building at 915 SW Stark Street on the market for sale later this year. This follows previously announced System-wide consolidations in check and cash operations that are affecting the Portland branch, and a reassessment of the changing space needs there. The move to leased space is expected to take place in early 2006.

In announcing the plan, FRBSF First Vice President & Chief Operating Officer John Moore emphasized that the Bank will continue its branch presence in Portland with approximately 70 people who handle administration, check adjustments, customer support, business development, and economic education and public programs. Vice President and Branch Manager Mary Lee said the branch’s board of directors will continue to provide input on the local economy that is valuable in helping shape the SF Reserve Bank’s monetary policy recommendations.

Additionally, Moore said, "we were very pleased that the Portland branch was recently selected as a regional check adjustments site by the Federal Reserve System. While this won't result in immediate growth, the incremental consolidation of work from other sites across the Federal Reserve System will provide some stability and growth in jobs over the next few years," Moore noted. Check adjustments is a function that adjusts data on checks that were found to have processing errors the first time through.

Employing new business models, the Portland branch will continue to make cash and check processing services available locally to depository institutions throughout the Portland zone, which encompasses the State of Oregon and parts of southwest Washington and northern Idaho.

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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