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) May 28, 2009
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 ("Board") of the Federal Home Loan Bank of San Francisco (the "Bank") selected Paul R. Ackerman to fill a vacant member director position on the Board, effective May 28, 2009. The director position, currently allocated to Nevada, has a term ending December 31, 2012. The position became vacant upon Gregory A. Kares' departure from the Board, effective February 27, 2009.
Mr. Ackerman is Executive Vice President and Treasurer of Wachovia Mortgage, FSB, North Las Vegas, Nevada, and at Wells Fargo & Company. The Bank's Board has appointed Mr. Ackerman to the Finance Committee of the Board.
In accordance with Federal Housing Finance Agency regulations, the Bank will pay compensation to Mr. Ackerman for his service on the Bank's Board during 2009 in accordance with the Bank's 2009 Board of Directors Compensation and Expense Reimbursement Policy ("Policy") as follows:
Position | Annual Retainer | Maximum Annual Meeting Fees | Total Maximum Annual Compensation |
Chairman | $42,000 | $18,000 | $60,000 |
Vice Chairman | $37,000 | $18,000 | $55,000 |
Committee Chair | $32,000 | $18,000 | $50,000 |
Director | $27,000 | $18,000 | $45,000 |
Under the Policy, retainers are to be paid in six equal installments, after each regularly scheduled Board meeting. Additionally, each director will receive a fee of $3,000 for attending any portion of each of the six regularly scheduled two-day Board meetings.
Any member of the Board of Directors who joins or leaves the Board between retainer payments will receive pro rata compensation at the time of the next retainer payment for the number of days on the Board.
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. For expense reimbursement purposes, directors' "official duties" include:
- Meetings of the Board and Board committees,
- Meetings requested by the Federal Housing Finance Agency and Federal Home Loan Bank System committees,
- Meetings of the Council of Federal Home Loan Banks and its committees,
- Meetings of the Bank's Affordable Housing Advisory Council,
- Events attended on behalf of the Bank when requested by the President in consultation with the Chairman, and
- Other events attended on behalf of the Bank with the prior approval of the EEO-Personnel-Compensation Committee of the Board.
The Bank issued a press release announcing the selection of Mr. Ackerman. 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 June 4, 2009, 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: June 4, 2009 | | By: /s/ Steven T. Honda |
| | | Steven T. Honda
Senior Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description |
| |
99.1 | Press Release, dated June 4, 2009, issued by the Federal Home Loan Bank of San Francisco |
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