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RUNSTAD, SIART & TOOLEY NAMED TO SAN FRANCISCO FED BOARD

      RUNSTAD, SIART & TOOLEY NAMED TO SAN FRANCISCO FED BOARD
    SAN FRANCISCO, Nov. 21 /PRNewswire/ -- Member banks in the Twelfth Federal Reserve District have re-elected banker William E.B. Siart and real estate developer William L. Tooley, both of Los Angeles, to the board of directors of the Federal Reserve Bank of San Francisco for three-year terms beginning Jan. 1.
    At the same time, the central bank's board of governors in Washington, D.C., appointed Seattle attorney Judith M. Runstad to the San Francisco board for three years, replacing retiring director Carolyn S. Chambers, president of Chambers Communications Corp. of Eugene, Ore., who has served as deputy chairman of the board since 1988.  Runstad, 47, has served as a director of the Fed's Seattle Branch board since 1990 and as its chairman since June.
    Runstad represents non-banking interests on the board.  She is a co-managing partner and land-use specialist with the law firm of Foster, Pepper & Shefelman of Seattle.  A graduate of the University of Idaho, she holds a master's degree in political science from that institution and a juris doctorate from the University of Washington where she was executive editor of the university's Law Review.
    A native of Los Angeles, Siart, 44, is president of First Interstate Bancorp and was re-elected a Class A director by the 22 largest banks in the Fed's nine-state district.  Tooley, 58, is chairman of Tooley & Co., Investment Builders, and was re-elected as a non-financial Class B director by 182 Fed-member banks, each having a combined capital and surplus of less than $5 million.  Siart and Tooley were initially elected to the nine-member board in 1988.
    Tooley was a director of the Fed's Los Angeles Branch Board and chairman of its new building committee from 1982 through 1988.  Siart, a banker since 1969, was elected president and chief executive officer of First Interstate Bank in 1985 and became president of the parent holding company in 1990.  First Interstate Bancorp has 21 subsidiary banks located throughout the west.
    The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices at Los Angeles, Portland, Salt Lake City and Seattle.  Head-office directors are responsible for overseeing Reserve Bank 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 system's discount rate, which is the interest rate charged by the Fed on loans to financial institutions.
    -0-                     11/21/91
    /CONTACT: Elizabeth Masten of The Federal Reserve Bank of San Francisco, 415-974-2133/ CO:  The Federal Reserve Bank of San Francisco ST:  California IN:  FIN SU:  PER RM -- SF002 -- 5977 11/21/91 14:23 EST
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Publication:PR Newswire
Date:Nov 21, 1991
Words:473
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