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Walla Walla, WA – The Board of Governors of the Federal Reserve System has announced that Megan Clubb was reelected by member banks to the Federal Reserve Bank of San Francisco’s board of directors. Ms. Clubb will serve a second three-year term beginning January 1, 2015.

Clubb was reelected by member community banks in nine western states including Alaska and Hawaii. Clubb said, “I am honored to continue to serve and represent the interests of rural communities, small business and community banks in economic recovery and job growth.”

Twelve Federal Reserve districts report to the board of governors in Washington, D.C. Washington State, Oregon, and 7 other states, are included in the 12th district, represented by the Federal Reserve Bank of San Francisco.

The Federal Reserve Bank of San Francisco 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.

Megan was originally appointed to the Portland branch board of directors in January 2010. She was later elected to serve on the board of directors for the Federal Reserve Bank of San Francisco in January 2012.

Created in 1913 the Federal Reserve System is primarily charged with the formulation of the country’s monetary policy. 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.

In addition, Roy A. Vallee, retired chairman and CEO of Avnet, Inc., was designated as chairman of the Federal Reserve Bank of San Francisco’s board of directors, and Alexander R. Mehran of Sunset Development Company as deputy chairman, effective January 1, 2015. Richard A. Galanti of Costco Wholesale Corporation was reelected by member banks as a Class B director and Barry M. Meyer of North Ten Mile Associates was appointed as a Class C director for a remainder of three year term ending December 31, 2016.

The balance of the Federal Reserve Bank of San Francisco Board includes Steven E. Bochner of Wilson, Sonsini, Goodrich & Rosati, Professional Corporation, Steven R. Gardner of Pacific Premier Bank, Peter S. Ho of Bank of Hawaii and Bank of Hawaii Corporation, and Nicole C. Taylor of Thrive Foundation for Youth.

Baker Boyer Bank headquartered in Walla Walla, Washington, is the oldest independently owned community bank in the Pacific Northwest. It serves the community with seven branches, providing wealth management as well as personal and business banking services. Baker Boyer has been a top performing bank over the years receiving recognition in many areas. It has been ranked on American Banker’s list of the “Top 200 Community Banks” since 2008, reaching the 14th spot in 2013. Seattle Businessmagazine has ranked it on the list of “Best Places to Work in Washington” consecutively since 2004. Additionally, Baker Boyer has been voted in the Union Bulletin as “Best Bank in the Walla Walla Valley” consistently over the years and in 2014 was also voted as “Best Financial Advisor”.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, Seattle, and a cash processing office in Phoenix. 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. Learn more about the economy, financial crisis and road ahead at http://frbsf.org/econanswers.

ABOUT BAKER BOYER BANK: Headquartered in Walla Walla, Baker Boyer Bank is the oldest independently owned community bank in the state, with 5 branches and wealth management and business banking offices in Yakima and the Tri Cities. They have 174 employees and $557 million in YTD average assets as of September 30, 2014 and currently manage over $1.2 billion in investments, farmland, and other real estate for its investment and trust clients through its Wealth Management Division.

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