San Francisco Fed Key Facts
What Is the Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is one of the 12 Reserve Banks in the Federal Reserve System. San Francisco is the headquarters of the Twelfth Federal Reserve District, which includes the nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Branch offices are located in Los Angeles, Portland, Salt Lake City, and Seattle, with a cash processing center in Phoenix. The information presented below does not include the District’s island territories. Data sources available upon request. Revised September 2020.
Of the 12 Federal Reserve Districts, the Twelfth District is the largest, covering about 1.4 million square miles, or 37 percent of the nation’s area.
- The District’s estimated 68.8 million people accounted for 21 percent of the total U.S. population in 2019.
The District also ranks first in the size of its economy:
The Twelfth District processed 18.9 billion currency notes in 2019, which is about 75.5 million notes per day. The Fed’s Cash Services department processes currency using high-speed computer-controlled machines that are each capable of verifying over 1,900 notes per minute. The machines intercept potential counterfeits and destroy old, worn out notes.
As of June 30, 2020, there were 172 bank holding companies, 18 savings and loan holding companies, 34 state member banks, 37 national banks, and 198 state-chartered, non-member banks in the District. In addition, the District is home to 61 U.S. branches, agencies, and representative offices of foreign banks and three Edge Act agreement corporations.
The Federal Reserve Bank of San Francisco had assets of $495.5 billion and operating expenses of $746 million as of December 31, 2019.
During 2019, the Federal Reserve System’s earnings totaled approximately $55.5 billion. Approximately $54.9 billion was remitted to the United States Treasury and the Twelfth District’s share was $5.2 billion.
In 2019, the Federal Reserve System cleared 4.4 billion commercial checks, of which 99.99% were deposited electronically. In addition, 15.6 billion commercial and 1.7 billion government payments were processed as Automated Clearing House (ACH) transactions. The Federal Reserve processes approximately two fifths of the interbank check transactions and nearly three quarters of the ACH payments in the country.
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