December 30, 2005

Salt Lake City Fed Branch Names New Director

Salt Lake City, December 30, 2005—The Salt Lake City Branch, Federal Reserve Bank of San Francisco announced that the Board of Governors of the Federal Reserve System has appointed Clark D. Ivory, Chief Executive Officer, Ivory Homes, Salt Lake City, Utah as a Director effective January 1, 2006. He will replace H. Roger Boyer, Chairman of the Board of The Boyer Company, Salt Lake City, Utah, who is retiring from the Branch's Board after serving as Chairman and a Director since 2000.

The Branch also announced that William C. (Bill) Glynn, President, Intermountain Industries, Inc., Boise, Idaho and a current Member of the Branch's Board of Directors, has been appointed as Chairman for 2006.

Other members of the Fed's Salt Lake City Branch Board of Directors are: A. Scott Anderson, President and Chief Executive Officer, Zions First National Bank, Salt Lake City, Utah; Gary L. Crocker, Chairman of the Board, Merrimack Pharmaceuticals, Salt Lake City, Utah; Annette K. Herman, Vice President, Strategic Initiatives, Uniprise Group, UnitedHealthcare, Salt Lake City, Utah; Michael M. Mooney, President and Chief Operating Officer, Farmers and Merchants Bank, Boise, Idaho; and Deborah Bayle Nielsen, President and Chief Executive Officer, United Way of Salt Lake, Salt Lake City, Utah

Clark D. Ivory is Chief Executive Officer of Ivory Homes, Salt Lake City, Utah. He joined Ivory Homes as a Sales Consultant in 1988 and worked in a variety of roles including Chief Operating Officer until his appointment as Chief Executive Officer in the year 2000.

He earned a Bachelor's Degree from the University of Utah in 1988 and received a Master's of Business Administration Degree from Harvard University in 1992.

Mr. Ivory currently serves as Chair of the Salt Lake Chamber of Commerce and is on the Board of Trustee's for Intermountain Health Care. He also serves on the Board of Visitors for Student Initiatives and the President's Club at the University of Utah.

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

# # #