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December 18, 2008
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Steven Fisher
Federal Reserve Bank of San Francisco – Seattle
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(425)-203-0799 |
Stan W. McNaughton Appointed to
Seattle Branch Federal Reserve Board
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Stan W. McNaughton |
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Seattle, WA – December 18, 2008 – The Federal Reserve Bank of San Francisco has appointed Stan W. McNaughton, president and chief executive officer of Seattle-based PEMCO Mutual Insurance Company, to the Seattle Branch board of directors. The appointment is for a three-year term beginning January 1, 2009.
PEMCO Mutual is one of Washington’s largest locally owned insurance and financial services groups, serving more than 200,000 households in the state.
Mr. McNaughton has been president and chief executive officer of PEMCO since 1998. He joined the company in 1986. Prior to his arrival at PEMCO, Mr. McNaughton held positions at the Everett Herald and Price Waterhouse.
Mr. McNaughton serves as chairman of Evergreen Bancorp and is a member of the Washington Roundtable. In addition, he serves on many civic and educational boards including the Partnership for Learning, TVW – Washington state’s public affairs TV network, the Dean’s Advisory Board for Seattle University’s Albers School of Business and Economics, and the Executive Education Advisory Board for the Foster School of Business at the University of Washington.
Current Seattle Branch directors Kenneth M. Kirkpatrick, president, Washington State U.S. Bank and James R. Gill, president, Pacific Northwest Title Holding Co. will complete their terms of service on December 31, 2008. A second director vacancy will be filled and announced at a later date.
Other members of the Seattle Branch board include Helvi K. Sandvik (chair), NANA Development Corporation; William S. Ayer, Alaska Air Group; Richard Galanti, Costco Wholesale Corporation; Carol K. Nelson, Cascade Financial Corporation; and H. Stewart Parker, formerly of Targeted Genetics Corporation.
The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.
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