December 17, 2008

The Federal Reserve Bank of San Francisco
Announces 2009 Board of Directors

Dann H. Bowman Patricia E. Yarrington Karla S. Chambers

San Francisco, December 17, 2008 –The Federal Reserve Bank of San Francisco announced today that Dann H. Bowman, president and CEO of Chino Commercial Bank, N.A., and Patricia E. Yarrington, vice president and newly appointed chief financial officer of Chevron Corporation, have joined as new directors, and that current director Karla S. Chambers, vice president and co-owner of Stahlbush Island Farms, Inc., has been reelected to the Federal Reserve Bank of San Francisco’s board.

Mr. Bowman is founding president and CEO of Chino Commercial Bank, N.A. based in Southern California.  The bank was established in 1999 and provides commercial banking services to individuals and small businesses primarily in the Inland Empire region of Southern California. Mr. Bowman started his banking career with First Interstate Bank in Los Angeles where he was a commercial and construction lender in the bank’s Real Estate Lending Group. He then joined Chino Valley Bank and later Foothill Independent Bank. Mr. Bowman is currently a director with San Antonio Community Hospital and Community Bankers of California, and a member of the California Bankers Association Government Relations Committee. He has a degree in Business and Finance from California State University at San Bernardino. Mr. Bowman was elected to the San Francisco Fed board as a class A director for a three-year term beginning January 2009.

Effective January 1, 2009, Ms. Yarrington becomes CFO of Chevron Corporation, one of the world’s largest integrated energy companies, with subsidiaries that conduct business across the globe. As CFO, she will be responsible for the corporation’s finance, comptroller, audit, treasury, tax and investor relations functions. Ms. Yarrington joined Chevron in 1980 and has held a variety of finance and managerial positions. In 1998, she was named president of Chevron Canada Limited. She became a vice president of Chevron Corporation in 2000, overseeing strategic planning and mergers and acquisitions. In 2002, she was named vice president, Policy, Government and Public Affairs, and treasurer in 2007. Ms. Yarrington is a member of the board of directors of Chevron Phillips Chemical Co., a joint venture with ConocoPhillips Petroleum. She has a degree in Political Science from Pomona College in Claremont, California, and an MBA from the Kellogg School of Management at Northwestern University. Ms. Yarrington previously served on the SF Fed’s Economic Advisory Council (2007 – 2008). She was appointed by the Board of Governors as a class C director.

Mrs. Chambers is vice president and co-owner of Stahlbush Island Farms, Inc., a 5,000-acre farming and food processing company based in Corvallis, Oregon. The organization uses sustainable farming practices to raise over 16 agricultural crops, which are then shipped to 20 export countries and 42 states for the industrial, retail, foodservice, and export markets. Mrs. Chambers also serves as vice chairman for The Ford Family Foundation.  She has received the Oregon Agribusiness of the Year award (2001) and the U.S. Presidential Award for Leadership in Sustainable Agriculture (2000). She holds a B.S. in Agricultural and Resource Economics and a master of arts in interdisciplinary studies in Agricultural and Resource Economics, Business Administration, and Political Science from Oregon State University.  Mrs. Chambers previously served on the board of the Portland Branch of the Federal Reserve Bank of San Francisco (1999 -2004) and the Twelfth District Advisory Council (1992 – 1998). She is a current director on the San Francisco Fed board (2005 – 2008) and was reelected as a class B director for a three-year term beginning January 2009.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by the District’s member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. The board of directors of the Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank’s president. Reserve bank directors also recommend changes in the discount rate.

The remainder of the Federal Reserve Bank of San Francisco board includes:

Arnold T. Grisham, Alta Alliance Bank, Oakland, CA.  Mr. Grisham is a class A director.

William D. Jones, CityLink Investment Corporation, San Diego, CA. Mr. Jones is a class B director.

Blake W. Nordstrom, Nordstrom, Inc., Seattle, WA. Mr. Nordstrom is a class B director.

Douglas W. Shorenstein, Shorenstein Properties LLC, San Francisco, CA. Mr. Shorenstein is a class C director.

Kenneth P. Wilcox, SVB Financial Group, Santa Clara, CA. Mr. Wilcox is a class A director.

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.

# # #