The Federal Home Loan Bank of San Francisco has named a longtime mortgage banker, Jennifer Schachterle, as senior vice president of sales and business development.
She will oversee the bank's relationships with its nearly 330 member financial institutions in three states — Arizona, California and Nevada.
Schachterle had been sales director of warehouse lending at Western Alliance Bank in Phoenix. Before that, she had worked at Dallas-based Comerica Bank as a senior vice president of warehouse lending. Schachterle also had been a director of counterparty risk at PennyMac Loan Services.
The San Francisco Home Loan Bank declined to say whom Schachterle replaced, citing privacy concerns.
Both the $71 billion-asset Western Alliance and $92 billion-asset Comerica are big borrowers and shareholders of the Home Loan Bank System.
"Ever more important today are regional banks and community-based lending institutions that are at a critical inflection point in today's financial environment," Tony Wong, executive vice president and chief banking officer at the San Francisco Home Loan Bank, said in a press release.
The Home Loan Bank System says it is working precisely as Congress intended it to, by lending to banks in stress. Critics say borrowings can spread undercapitalized banks' problems into the broader financial system.
The recent bank liquidity crisis has hit the San Francisco Home Loan Bank hard with the sale in May of San Francisco-based
Membership in the San Francisco Home Loan Bank also has declined due to acquisitions. BMO Financial Group recently finalized its $16.3 billion purchase of Bank of the West, which had been based in San Francisco. Regulators also recently approved U.S. Bancorp's purchase of MUFG Union Bank of California.
