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WESTERN BANKS ELECT TWO DIRECTORS OF SAN FRANCISCO FED

 SAN FRANCISCO, Nov. 24 /PRNewswire/ -- Santa Clara County banker Richard L. Mount and Boise food retailer Gary G. Michael have been elected directors of the Federal Reserve Bank of San Francisco for a three-year term beginning Jan. 1.
 Mount, 49, is chairman, president and chief executive officer of Saratoga (Calif.) Bancorp. A native of Ohio, he was elected a Class A director by 146 Fed-member banks, each having a combined capital and surplus below $5 million. Mount has served on the nine-member board of the San Francisco Fed since 1991.
 Michael, 53, is chairman and chief executive officer of Albertson's Inc., the nation's sixth largest retail food and drug chain, headquartered in Boise. He was elected as a non-financial Class B director by 109 Fed-member banks, each with a combined capital and surplus of between $5 million and $60 million. Michael has served on the Salt Lake City Branch board of the Fed since 1990 and as its chairman since 1992. He replaces John N. Nordstrom, co-chairman of Nordstrom Inc. of Seattle, who has served on the boards of the Seattle Branch and San Francisco office since 1982.
 A graduate of Ohio State University, Mount began his banking career in 1963 at the Park National Bank of Newark, Ohio. He served as president and chief executive officer of the Central Trust Co. of Zanesville and executive vice president of the Central Trust Co. of Central, Ohio, from 1968-80. Then, he was appointed chairman and chief executive officer of Foothill National Bank of Fort Collins, Colo. In 1982, Mount accepted the presidency of Saratoga National Bank.
 Mount is a director and past president of the Saratoga Chamber of Commerce, a director of Independent Bankers Association Bancard and vice president of the Independent Bankers Association of America where he serves as a state director.
 A native of Billings, Mont., and a graduate of the University of Idaho, Michael began his business career as a staff accountant with the CPA firm of Ernst & Whinney before joining Albertson's in 1966 as an accountant. He became controller in 1971, senior vice president of finance and treasurer in 1974, executive vice president in 1976 and chairman and chief executive officer in 1991.
 Michael has served as chairman of St. Alphonsus Regional Medical Center, and as president of the Boise Public Schools Foundation, the National Association of Accountants and the University of Idaho Foundation.
 Directors of Reserve Banks are responsible for overseeing operations, selecting Reserve Bank presidents, providing details of economic trends in their regions and advising the bank president and Board of Governors of the Federal Reserve System on the general direction of monetary policy by proposing changes in the bank's discount rate. As the nation's central bank, the Fed regulates and supervises banks, provides wholesale banking services, formulates monetary policy and acts as fiscal agent for the U.S. government.
 -0- 11/24/93
 /CONTACT: Elizabeth Masten of the Federal Reserve Bank of San Francisco, 415-974-2133/


CO: Federal Reserve Bank of San Francisco ST: California IN: FIN SU: PER

RB-IC -- SF005 -- 7624 11/24/93 11:58 EST
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Publication:PR Newswire
Date:Nov 24, 1993
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