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February 5, 2008
| Contacts: |
Lily
Ruiz
Federal Reserve Bank of San Francisco |
(415) 974-3240 |
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Carol
Eckert
Federal Reserve Bank of San Francisco |
(415) 977-3853 |
San Francisco Fed’s Los Angeles Branch
Announces 2008 Board of Directors
Los Angeles, February 5, 2008 – Two new members have joined the Federal Reserve Bank of San Francisco’s Los Angeles Branch board of directors. Grace Evans Cherashore, president and CEO of San Diego-based Evans Hotels, and Eric L. Holoman, president of Magic Johnson Enterprises located in Beverly Hills, were both appointed for terms beginning January 1, 2008.
Ms. 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. Among her numerous professional and civic affiliations, she is a board member for the San Diego Regional Economic Development Corporation and trustee 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. She is a graduate of the University of Colorado and holds an M.B.A. from the Amos Tuck School, Dartmouth College. She previously served on the Federal Reserve Bank of San Francisco’s Twelfth District Economic Advisory Council from 2006-2007, and was the Council’s vice chairman in 2007.
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Mr. Holoman is president of Magic Johnson Enterprises, a company founded by NBA star-now business leader-Earvin “Magic”Johnson, which produces entertainment, products and services in answer to the demands of ethnically diverse urban communities. In his role as president, Mr. Holoman manages and directs the corporation’s day-to-day operations including strategy, finance, and business development. Prior to his position with Magic Johnson Enterprises, Mr. Holoman was senior vice president and regional sales manager of Wells Fargo Bank’s Private Client Services Division. He has also held the positions of vice president of High Net Worth Sales at Bank of America and president of Holoman Food Services, Inc. Mr. Holoman holds a degree in finance from University of Southern California. His current civic affiliations include his position as president of the Los Angeles City Employees’ Retirement System (LACERS).
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In addition, the Federal Reserve Bank of San Francisco’s head office board of directors has appointed current Los Angeles Branch board member Andrew J. Sale, partner with Ernst & Young LLP, as chairman of the Los Angeles Branch board for 2008.
The boards of directors of the Reserve Banks and Branches provide the Federal Reserve System with a wealth of information on economic conditions in virtually every corner of the nation. This information is used by the Federal Open Market Committee (FOMC) and the Board of Governors in reaching decisions about monetary policy.
The remainder of the Los Angeles Branch board includes: Dominic Ng, East West Bank; James L. Sanford, Northrop Grumman Corporation; Ann E. Sewill, California Community Foundation; and Peter M. Thomas, Thomas & Mack Co.
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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