Fed Bank of San Francisco Creates 95 New Jobs

The growth in the volume of checks and cash being processed has caused the Los Angeles branch of the Federal Reserve Bank of San Francisco to reorganize operations and hire 95 new employees.

John H. Taylor has been appointed to the new position of senior vice president and assistant branch manager. The former Texas and North Carolina banker will have direct responsibility for all branch operations and related customer service and administrative areas.

The sharpest increase in volume is a result of federal regulations last fall requiring banks to make funds available faster when people deposit checks. The change means that banks are routing more returned checks through the Federal Reserve system, which acts as a clearinghouse for financial institutions.

The volume is up 48% so far this year at the Los Angeles branch, which serves about 2,000 banking offices in Southern California, southern Nevada and Arizona. As a result of general population growth, the branch is also handling 37% more volume in its cash operation, which processes currency, coins and food coupons.

Reporting to Taylor will be three existing branch directors, Edward A. Bonheur, Charles L. Huffstetler and Mary Ellen Martin. The branch also added Frank A. Bentley as an officer in payment services, where he joins Thomas W. Rodewald. Mark W. Fishback, formerly the branch savings bonds manager, has been promoted to cash operations officer.