Federal Home Loan Bank of San Francisco Reports Director Election Results

What Happened
The Federal Home Loan Bank of San Francisco announced the results of its 2026 member director elections, completed on September 28, 2026. Michael Boden (President & CEO, OneAZ Credit Union) won the Arizona member director seat with 520,287 of 965,018 votes cast (25 of 35 eligible institutions participated). Incumbent Chang Liu (President & CEO, Cathay Bank) was re-elected as the California member director with 4,878,789 of 5,775,626 votes cast (116 of 268 eligible institutions participated). Both directors will serve four-year terms beginning January 1, 2027. The elections were conducted online; no in-person member meeting was held. The Bank issued a press release on October 1, 2026, announcing the results.

Key Details

• Election completion date: September 28, 2026; filing (8-K) and press release dated October 1, 2026.
• Arizona results: Michael Boden elected — 520,287 votes; total Arizona votes cast 965,018 (25 of 35 eligible institutions voted).
• California results: Chang Liu re-elected — 4,878,789 votes; total California votes cast 5,775,626 (116 of 268 eligible institutions voted).
• Board committee assignments for the directors-elect have not yet been determined; director compensation will follow the Bank’s annual Director Compensation and Expense Reimbursement Policy and FHFA regulations. The press release was furnished under Regulation FD (Exhibit 99.1).

Why It Matters
Board composition affects the Bank’s governance and oversight of strategy and risk. These election results finalize member representation for two key state seats for four-year terms beginning in 2027. Investors and members should note the voting participation levels, the directors’ institutional affiliations, and that committee roles and compensation will be set later; monitor future disclosures for committee appointments or governance changes.