December 20, 2006

Federal Reserve Bank of San Francisco Announces Chairman and Vice Chair of the 12th District Economic Advisory Council

Stephen M. Brophy

San Francisco, December 20, 2006—The Federal Reserve Bank of San Francisco announced today that Stephen M. Brophy, president of Page Land & Cattle Co., and Grace Evans Cherashore, president and CEO of the Evans Hotel Group have been appointed chairman and vice chair of the San Francisco Fed’s Economic Advisory Council.

Stephen 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 Co., Ltd., 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, boards of directors and treasurer of both the Arizona Cattle Growers Association and Mountain States Legal Foundation, and a member of the board of directors of the University of Arizona’s College of Agriculture and Life Sciences. He holds an M.B.A. from Stanford University and a bachelor’s degree from the University of Arizona.

Grace Evans Cherashore

Grace Evans Cherashore is president and CEO of Evans Hotels as well as an active member of the San Diego community, particularly in areas concerning job training, education, and economic development. Ms. Cherashore is also a director for the San Diego Regional Economic Development Corporation, and trustee and chairman of the board affairs committee for The Bishop’s School. She has held board positions with the San Diego Regional Chamber of Commerce, San Diego State University School of Business, and the UCSD Economics Roundtable. Ms. Cherashore began her career in the Real Estate Industries Group of Wells Fargo Bank.

The San Francisco Fed’s Economic Advisory Council represents diverse industries and regions in the Twelfth District’s nine western states. Council members provide important grassroots information to the Federal Reserve System on current and pending economic developments for their respective industries and locations. At the invitation of the Bank’s president, members generally serve three-year terms.

The balance of the Economic Advisory Council, effective January 1, 2007, includes: John P. Connolly, American Federation of Television and Radio Artists, Los Angeles, California; John H. (Jack) Gleason, ComPlan Advisors LLC, Paradise Valley, Arizona, Cathy Luke, Loyalty Enterprises, Ltd., Honolulu, Hawaii; Vivek Paul, Texas Pacific Group, San Francisco, California; and Roderick C. Wendt, JELD-WEN, inc., Klamath Falls, Oregon.

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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