Press Release

San Francisco—The Federal Home Loan Bank of San Francisco’s Board of Directors has elected James P. Giraldin to serve as an industry director representing California. Mr. Giraldin is replacing Babette E. Heimbuch, Chairman and Chief Executive Officer, First Federal Bank of California, who recently resigned from the board. Mr. Giraldin’s term will expire on December 31, 2003.

Mr. Giraldin is President and Chief Operating Officer of First Federal Bank of California, located in Santa Monica, California. He joined the company in 1992 as Executive Vice President/Chief Financial Officer. As of March 31, 2003, First Federal Bank of California had $4.4 billion in assets and was operating 29 retail offices and four regional loan centers in Southern California.

Prior to joining First Federal Bank of California, Mr. Giraldin served as Chief Executive Officer of Irvine City Bank for five years. He previously served as Chief Financial Officer for two other savings and loan associations and was a certified public accountant with KPMG LLP. Mr. Giraldin earned his B.S. in Accounting from California State University, Long Beach. He serves on the Executive Board of the Boys & Girls Clubs of Santa Monica.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank serves and is owned by 347 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Tracy Fine, (415) 616-2707
finet@fhlbsf.com

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