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 recent bank liquidity crisis has hit the San Francisco Home Loan Bank hard with the sale in May of San Francisco-based First Republic Bank to JPMorgan Chase, the failure in March of Silicon Valley Bank and the self-liquidation of Silvergate Bank of La Jolla, Calif.
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.
Source: americanbanker.com