Press Release

San Francisco— The Board of Directors of the Federal Home Loan Bank of San Francisco has promoted Sharon Cropsey to Vice President, Portfolio Operations; Janice Kubota to Vice President, Derivative Operations; Joseph Hladick to Vice President, Mortgage Asset Investment Officer; and James Zabel to Vice President, Mortgage Finance Sales. The Bank has also named Bradford Gee as Vice President, Capital Markets and Treasury Analysis.

Ms. Cropsey manages the back-office operations and accounting for the Bank’s advances, consolidated obligations, and investments. Prior to joining the Bank, she worked as a consultant with Accounting Solutions. In this capacity, she worked on assignments for financial institutions including Bank of America, Wells Fargo, and Barclays Global Investors. Ms. Cropsey earned a B.A. in English from Southern Oregon University, and completed accounting and business courses at California State University, Hayward. She is a Certified Public Accountant.

In her position, Ms. Kubota oversees the units within Derivative Operations that provide accounting, valuation, operations, and reporting support for the Bank’s derivative portfolio. She joined the Bank in August 2001 as Assistant Vice President of Derivative Operations. Prior to joining the Bank, she was a Consultant with Accounting Solutions, assisting clients with software implementation and development projects. Before that, she worked for Lehman Brothers in accounting and operations positions in their New York, Tokyo, and Hong Kong offices. Ms. Kubota earned a B.S. in Business Administration from the University of Hawaii.

Mr. Hladick, who joined the Bank in May 2001, is responsible for managing the mortgage-backed securities (MBS) investment function and ensuring an adequate risk/return profile of potential asset acquisitions under other mortgage asset programs. Prior to joining the Bank, Mr. Hladick worked for a money management firm as an associate equity portfolio manager and for Tuttle Decision Systems, which provides mortgage pipeline risk management services to the mortgage banking industry. He earned his B.S. in Mathematics from the University of Vermont. In addition, he is a Chartered Financial Analyst.

Mr. Zabel manages the Bank’s business relationships with 100 of its member financial institutions, spanning from small de novo institutions to multi-billion dollar institutions. Collectively, the institutions in Mr. Zabel’s portfolio have over $8.5 billion in outstanding advances from the Bank. Prior to joining the Bank, he served as Economist for First Tennessee National Corporation (the holding company for First Tennessee Bank). Mr. Zabel earned a B.B.A. in Quantitative Methods (with distinction) from the University of Wisconsin at Madison. He also received a M.S. in Economics from the University of Wisconsin at Madison and completed all course work and qualifying examinations for the doctorate in Economics. As a graduate student, Mr. Zabel was awarded fellowships from the Ford Foundation and Wisconsin Alumni Research Foundation. In addition, he received an M.B.A. from the University of California at Berkeley.

Before rejoining the Bank as Vice President, Capital Markets and Treasury Analysis, Mr. Gee formerly worked in the Bank’s Treasury Department for seven years; he was the Bank's Assistant Treasurer when he left in 2000. Prior to returning to the Bank, Mr. Gee served as Director of KPMG's Financial Risk Management Practice on the West Coast working on a variety of engagements with domestic and foreign financial institution clients. He also worked for two companies offering internet-based derivatives trading/exchange services. Mr. Gee received a B.A. in Economics/Mathematics from Claremont McKenna College and an M.B.A. in Finance from the University of Chicago.

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 also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 353 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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