Peter Ho, chairman, president and CEO of Bank of Hawaii, has become the second-ever representative from Hawaii to be elected to the board of the Federal Reserve Bank of San Francisco.

Ho’s three-year term took effect Jan. 1.

The Federal Reserve Bank of San Francisco, which announced its new board members Tuesday, represents the nine westernmost states in the U.S., including Hawaii. It is the largest of the 12 Federal Reserve Banks by land area and economic activity served. Board members help form U.S. monetary policy through industry and regional economic information they provide to the FRB bank president. The FRB also provides wholesale banking services to financial institutions throughout the nine western states.

"The FRB plays a critical role in helping to ensure the strength and safety of the nation’s banking system, and it’s a privilege to serve," said Ho, 47. "I look forward to the opportunity of representing the 12th District and providing both a Hawaii and regional perspective, especially given the increased importance of the Asia-Pacific region."

Warren Luke, chairman, president and CEO of Hawaii National Bank, was the only other representative from Hawaii to serve on the board of the Federal Reserve Bank of San Francisco. Luke served a total of nine years — January 1990 through December 1992 and then again from January 1996 through December 2001.

Mary Bitterman, the lead independent director on Bank of Hawaii’s board, said Ho’s election is "good news for all concerned."

"Peter’s excellent banking experience, strong leadership skills and knowledge of the Asia-Pacific region, augmented by his chairmanship of the APEC Hawaii Host Committee in 2011, make him a valuable addition to the San Francisco Fed’s policymaking team," Bitterman said.

Ho was named chairman and CEO of Bank of Hawaii on July 30, 2010, and had served as president since April 2008. He has been a member of Bankoh’s board since December 2005. He also is a member of the Hawaii Bankers Association, Financial Services Roundtable, Hawaii Business Roundtable and the Chamber of Commerce of Hawaii’s Military Affairs Council.

Patricia Yarrington, chief financial officer of Chevron Corp., was designated by the Board of Governors of the Federal Reserve System as chairwoman of the FRB of San Francisco.