Federal Reserve Bank of San Francisco Announces Appointment of Mark W. Packard to the Salt Lake City Branch Board of Directors

Salt Lake City — The Federal Reserve Bank of San Francisco announced that it has appointed Mark W. Packard to its Salt Lake City Branch Board of Directors, effective February 1, 2022. He will replace Len Williams, former president and chief executive officer of Altabank in American Fork, Utah, who retired from the Branch’s board.

Mark W. Packard

Mark W. Packard

Packard is the president, chief executive officer and vice chair of Central Bank, a community bank in Utah that was established in 1891. A fifth-generation banker, Packard started at Central Bank in 1983 as a teller and has worked in various positions throughout the years. In 2019, he became president of Central Bank and a year later added the responsibility of chief executive officer.  

Packard currently serves as vice chair of the Central Bank and Central Bancorporation Boards, and chair of the BMA Banking System Board. He is also a director for the Utah Bankers Association and a member of the Utah Department of Financial Institutions Board of Bank Advisors. Packard served on the Executive Committee for the Friends of Traditional Banking and has recently been nominated to serve as a member of the Money Management Council for the State of Utah. In 2006, Packard was elected to serve on the Springville City Council, where he served for eight years. During that time, he worked with the planning commission, library board, and the art board.

Packard earned a bachelor of science degree in business from Brigham Young University and graduated with honors from Pacific Coast Banking School.  

The remaining members of the Salt Lake City Branch Board of Directors include:

  • Branch Board Chair O. Randall (Randy) Woodbury, president and chief executive officer of Woodbury Corp. in Salt Lake City, Utah
  • Russell (Chip) Childs, chief executive officer and president of Skywest, Inc. in St. George, Utah
  • Lisa Grow, president and chief executive officer of IDACORP and Idaho Power in Boise, Idaho
  • Deneece Huftalin, president of Salt Lake Community College in Taylorsville, Utah
  • Jas Krdzalic, executive chairman of Bodybuilding.com and Vitalize LLC in Boise, Idaho
  • Susan Morris, executive vice president and chief operating officer of Albertsons in Boise, Idaho

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.