February 2, 2006

Portland Branch of Federal Reserve Bank of San Francisco Moves to
1500 SW First Avenue; 915 SW Stark St. Building Up for Sale

San Francisco, February 2, 2006—The Portland Branch of the Federal Reserve Bank of San Francisco will open next Monday, February 6, in leased space at 1500 SW First Avenue, Portland, Oregon 97201.

Vice President and Branch Manager Mary Lee said that some 70 administration, check adjustment, business development, economic education and public programs employees will move from the building at 915 SW Stark Street to the new site. In addition, the Portland branch's Board of Directors will meet at the new site, continuing to provide input on the local economy that is valuable in helping shape the San Francisco Federal Reserve Bank's monetary policy recommendations.

Last September, the Federal Reserve Bank of San Francisco announced plans to relocate the branch into leased space and to put its Stark Street building on the market. Since that time, in accordance with previously announced Federal Reserve System consolidations and changes, check operations were moved to Seattle, all Portland vault cash was moved to the FRB's Seattle branch, and Portland's cash processing operations were consolidated into the Seattle branch as well. Depository institutions (DIs) in the Portland zone are being serviced through new Federal Reserve business models that employ offsite check relay systems and a secure offsite cash depot.

The new general phone number for the Portland branch is (503) 276-3000. The sale of the Stark Street building will be handled by broker Rich Sabel at CB Richard Ellis, Inc. in Portland.

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.

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