Leadership and Membership Announcements for the Federal Reserve Bank of San Francisco’s Board of Directors

San Francisco, Calif. – The Federal Reserve Bank of San Francisco has announced the appointment of Richard M. Sanborn, president and chief executive officer of Seacoast Commerce Bank in San Diego, as a San Francisco Head Office Director (Class A, Group 2).

Richard M. Sanborn

Richard M. Sanborn

Download high resolution photo (jpg, 1mb)

Mr. Sanborn joined Seacoast Commerce Bank in 2007 and has served as a director, president and chief executive officer. He is a 27+ year veteran of the banking industry. Previously, Mr. Sanborn also served as a member of the Bank’s Community Depository Institutions Advisory Council since 2017, including serving as chair in 2018 and 2019. He holds an associate’s degree in computer science and bachelor’s degree in accounting from Bentley College in Waltham, Massachusetts. He has a master’s in business administration from California Pacific University in San Diego.

The Bank also announced the reappointment of Barry M. Meyer, chairman and CEO (retired) of Warner Bros Entertainment and founder of North Ten Mile Associates, a strategic consultancy firm specializing in entertainment industry clients and issues, as a Class C director for the first year of a three-year term that begins January 1, 2020. Mr. Meyer was also re-designated as San Francisco Board Chair for 2020.

In addition, the Bank announced the re-designation of Rosemary Turner as Deputy Chair of the San Francisco Board for 2020. Ms. Turner retired as president of UPS Northern California, where she worked for nearly 40 years.

It was also announced that Sanford L. Michelman, Chairman of Michelman & Robinson, LLP in Los Angeles, California, was re-elected by banks in Group One as a Class B director for another three-year term on the San Francisco Head Office Board.

The remaining San Francisco Head Office Board of Directors includes:

Greg Becker, president and chief executive officer, SVB Financial Group, chief executive officer, Silicon Valley Bank, Santa Clara, CA

S. Randolph Compton, Chief Executive Officer and Co-Chair of the Board, Pioneer Trust Bank, N.A., Salem, OR

Tamara L. Lundgren, president and chief executive officer, Schnitzer Steel Industries, Inc., Portland, OR

Arthur F. (Skip) Oppenheimer, chairman and chief executive officer, Oppenheimer Companies, Inc., and president, Oppenheimer Development Corporation, Boise, ID

David P. White, national executive director, Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA), Los Angeles, CA

About the Boards of Directors

The Federal Reserve Act of 1913 requires each of the 12 Reserve Banks to operate under the supervision of a board of directors. The Federal Reserve Bank of San Francisco’s head office is governed by nine directors who represent the interests of the 12th Reserve District and whose experience provides the Bank with a wider range of expertise that helps it fulfill its policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. In the case of the Federal Reserve Bank of San Francisco, its four branches in Los Angeles, Portland, Salt Lake City and Seattle each have a separate seven-member branch board.

The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.