SVB CEO no longer on San Francisco Fed’s board after bank fails

SILICON Valley Bank Financial Group (SVB) chief executive officer Greg Becker is no longer a director of the Federal Reserve Bank of San Francisco, according to a Fed spokesman.

The change was effective Friday (Mar 10), the same day SVB-owned Silicon Valley Bank failed and was taken over by state and federal regulators. He became a Class A director of the San Francisco Fed’s head office board in 2019 and his departure leaves a vacant seat on the nine-member board.

The Fed’s 12 regional banks each have three classes of directors, with the Class A tier made up of representatives of district banks.

The three Class A directors are elected by member banks and are not involved in the selection of the reserve bank’s leadership, who are appointed by the Class B and Class C directors.

The San Francisco Fed has four additional branches besides its head office in San Francisco, each with a separate branch board. BLOOMBERG