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Local bank joins Federal Reserve of San Francisco

By Erika Engle

LAST UPDATED: 3:41 p.m. HST, Jul 14, 2014

Honolulu-based Territorial Bancorp Inc., the holding company of Territorial Savings Bank, has joined the Federal Reserve Bank of San Francisco, the second Hawaii bank to do so.

"We are extremely pleased to be the 38th member bank and the only savings bank with the Federal Reserve Bank of San Francisco," said Allan Kitagawa, chairman, CEO, and president, in a statement. "As the newest member of the Federal Reserve Bank of San Francisco, we will continue to provide the same quality of service to our customers that we have in the past."

The Federal Reserve Bank of San Francisco is one of 12 regional federal reserve banks in the country.

Bank of Hawaii is the other Hawaii-based member-bank and its Chairman, President and CEO, Peter Ho, is the second-ever Hawaii banker to be elected to the San Francisco FRB's board of directors.

Hawaii National Bank Chairman, President and CEO Warren Luke previously served two terms, from January 1990 through December 1992, then again from January 1996 through December 2001, for a total of nine years.

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Territorial joins Fed Reserve Bank

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