UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 2008
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)
| | | | | |
Federally chartered corporation | | 000-51398 | | 94-6000630 |
(State or other jurisdiction
of incorporation) | | (Commission File Number) | | (IRS Employer
Identification No.) |
600 California Street
San Francisco, CA 94108
(Address of principal executive offices, including zip code)
(415) 616-1000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The board of directors of the Federal Home Loan Bank of San Francisco (the "Bank") selected Gregory A. Kares to fill a vacant position on the board, effective August 1, 2008. The position, currently allocated to Nevada, has a term ending December 31, 2008. The position became vacant upon James F. Burr's departure from the board, effective July 4, 2008.
Mr. Kares is Senior Vice President of Wachovia Mortgage, FSB, North Las Vegas, Nevada. The Bank's board has appointed Mr. Kares to the Affordable Housing, Audit, EEO-Personnel-Compensation, Finance, Governance and Member Services Committees of the board.
In accordance with Federal Housing Finance Board regulations, Mr. Kares' compensation for service on the Bank's board is subject to the Bank's 2008 Board of Directors Compensation and Expense Reimbursement Policy as follows:
Director Meeting Fees - 2008
(In whole dollars)
|
Type of Meeting | Position | Meeting Fees |
Board | Chairman | $4,000 |
Board | Vice Chairman | 3,000 |
Board | Director | 2,000 |
Board Committee or Directors'
orientation/conference | Director | 750* |
*Subject to an annual limit of $13,000 per director
Director Annual Compensation Limits - 2008
(In whole dollars)
|
Position | Annual Limit |
Chairman | $31,232 |
Vice Chairman | 24,986 |
Director | 18,739 |
In addition, the Bank reimburses directors for necessary and reasonable travel, subsistence, and other related expenses incurred in connection with the performance of their official duties.
The Bank issued a press release announcing the selection of Mr. Kares. The press release is furnished as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(c) | Exhibits | |
| | |
| 99.1 | Press Release, dated August 6, 2008, issued by the Federal Home Loan Bank of San Francisco |
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | Federal Home Loan Bank of San Francisco |
| | | |
Date: August 6, 2008 | | By: /s/ Lisa B. MacMillen |
| | | Lisa B. MacMillen
Executive Vice President and Chief Operating Officer |
Exhibit Index
Exhibit No. | Description |
| |
99.1 | Press Release, dated August 6, 2008, issued by the Federal Home Loan Bank of San Francisco |
| |
