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Federal Reserve Bank of San Francisco Elects Megan Clubb and Richard Galanti to its Board of Directors

SAN FRANCISCO--()--The Federal Reserve Bank of San Francisco announced the election of Ms. Megan Clubb, president and CEO of Baker Boyer National Bank in Walla Walla, Washington, and Mr. Richard Galanti, executive vice president, CFO, and director of Costco Wholesale Corporation in Issaquah, Washington to its board of directors. Each will serve three-year terms beginning January 1, 2012. Ms. Clubb and Mr. Galanti were elected to provide insights on their respective business sectors and offer observations on the well-being of their local communities in the District.

Ms. Clubb previously served as a board member for the Portland Branch of the Federal Reserve Bank of San Francisco from 2010 to 2011. Ms. Clubb is a veteran executive with over 20 years of experience in the banking industry. She earned a BS in economics from Whitman College, and an MS in management from the Sloan School of Management, MIT.

In addition to her role at Baker Boyer National Bank, Ms. Clubb is on the board of trustees of the Whitman College and is its audit committee chairman.

Mr. Galanti has been with Costco Wholesale Corporation since 1984 and has held his current position since 1993. In addition, he has been a director since 1995. He earned a BS in economics from the Wharton School, University of Pennsylvania, and an MBA from Stanford University.

Mr. Galanti previously served as a board member for the Seattle Branch of the Federal Reserve Bank of San Francisco from 2008 to 2011. Mr. Galanti is on the board of the Foster School of Business, University of Washington, Diamond Castle Holdings (Advisory Board), Seattle Academy of Arts and Sciences, and is the board president of the Jewish Day School of Metropolitan Seattle.

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.

The balance of the Federal Reserve Bank of San Francisco Board includes:

Douglas W. Shorenstein (chairman), chairman and CEO, Shorenstein Properties LLC, San Francisco, CA. Mr. Shorenstein is a class C director.

Patricia E. Yarrington (deputy chairman), vice president and CFO, Chevron Corporation, San Ramon, CA. Ms. Yarrington is a class C director.

William D. Jones, president and CEO, City Scene Management Company, San Diego, CA. Mr. Jones is a class C director.

Betsy Lawer, vice chair, First National Bank Alaska, Anchorage, AK. Ms. Lawer is a class A director.

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

Nicole C. Taylor, president and CEO, East Bay Community Foundation, Oakland, CA. Ms. Taylor is a class B director.

Kenneth P. Wilcox, chairman, Silicon Valley Bank, 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 certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffedreserve


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