The Federal Reserve Bank of San Francisco Salt Lake City Branch is one of four branches of the Federal Reserve Bank of San Francisco. The branch opened in 1918 and is located in downtown Salt Lake City, Utah, United States. As of 2024, the branch provides outreach, cash operations, police services, supervision, and credit for financial institutions in Utah, southern Idaho, eastern Nevada, eastern Oregon, and western Wyoming.[1][2][3]
History
Prior to the opening the branch, banks in Utah and surrounding areas complained that the distance to San Francisco was too great, and to prevent runs they had to keep larger than normal amounts of cash on hand, as it took more than 10 days to get funds from San Francisco when needed.[4][5]
After a branch was assured, John U. Calkins, a member of the board of governors for the San Francisco bank, arrived in Salt Lake City during March 1918 to locate a building in the city for a branch.[6] The branch opened on April 1, 1918, with William A. Day as manager.[7][8]
Buildings
120 State Street (1959–Present)
The branch currently occupies a six-story building (three stories above and three stories below ground) that was constructed in the late 1950s. When the bank moved into this building in 1959, it was the fourth home to the Salt Lake Branch since its establishment in 1918.[9][10]
Current Board of Directors
The following people are on the board of directors as of 2023:[11]
Appointed by the Board of Governors of the Federal Reserve System
| Name | Title | Term Expires |
|---|---|---|
| O. Randall Woodbury
(Chair of the Board) |
President and Chief Executive Officer, Woodbury Corporation | 2024 |
| Deneece Huftalin | President, Salt Lake Community College | 2025 |
| Susan Morris | Executive Vice President and Chief Operating Officer, Albertsons | 2023 |
Appointed by the San Francisco Board of Directors
| Name | Title | Term Expires |
|---|---|---|
| Russell A. Childs | President and Chief Executive Officer, SkyWest Airlines | 2023 |
| Jose Enriquez | Chief Executive Officer, Latinos in Action | 2025 |
| Lisa Grow | President and Chief Executive Officer, IDACORP and Idaho Power Boise, Idaho |
2024 |
| Mark Packard | President and Chief Executive Officer, Central Bank | 2023 |
See also
- Federal Reserve Act
- Federal Reserve System
- Federal Reserve Bank
- Federal Reserve Districts
- Federal Reserve Branches
- Federal Reserve Bank of San Francisco
- Federal Reserve Bank of San Francisco Los Angeles Branch
- Federal Reserve Bank of San Francisco Portland Branch
- Federal Reserve Bank of San Francisco Seattle Branch
- Federal Reserve Bank of San Francisco Building (San Francisco, California)
- Structure of the Federal Reserve System
References
- ^ "FRBSF: Financial Services, 12th District Cash Operations". frbsf.org. Federal Reserve Bank of San Francisco. Archived from the original on June 25, 2024. Retrieved June 25, 2024.
- ^ "FRBSF: Our District, Utah". frbsf.org. Federal Reserve Bank of San Francisco. Archived from the original on June 1, 2024. Retrieved June 25, 2024.
- ^ "FRBSF: Our Branches, Salt Lake City". frbsf.org. Federal Reserve Bank of San Francisco. Archived from the original on June 25, 2024. Retrieved June 25, 2024.
- ^ "Federal Reserve Branch Now Assured for Salt Lake City". The Salt Lake Tribune. Salt Lake City. November 20, 1917. p. 16. Retrieved June 25, 2024.
- ^ "Salt Lake's Claims for Branch Reserve Bank Set Forth in Petition By Committee". Deseret Evening News. Salt Lake City. January 12, 1918. section 2, page 3. Retrieved June 25, 2024.
- ^ "Seeking Location For Branch Bank, One Site Mentioned". Deseret Evening News. Salt Lake City. March 8, 1918. p. 2. Retrieved June 25, 2024.
- ^ "Salt Lake Branch Federal Reserve Bank Now Open". Deseret Evening News. Salt Lake City. April 1, 1918. section 2, page 1. Retrieved June 25, 2024.
- ^ "Reserve Bank Starts Out With Heavy Deposits". Deseret Evening News. Salt Lake City. April 2, 1918. p. 2. Retrieved June 25, 2024.
- ^ Bernick, Robert W. (May 31, 1959). "'Bank for Bankers' Plans Open House". The Salt Lake Tribune. Salt Lake City, Utah. pp. C1 and C2.
- ^ Baldwin, Jim G. (May 23, 1959). "Guns Bristle, Tempers Flare, U.S. Moves Millions: Armed Trucks Transfer Federal Reserve Fund". The Salt Lake Tribune. Salt Lake City, Utah. pp. 19 and 28.
- ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 8, 2013.
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