FHLBank San Francisco Elected New Board Directors
The bank appointed two financial executives to serve four-year terms starting in 2027.
Updated on Oct. 1, 2026 in People
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The Federal Home Loan Bank of San Francisco has elected Michael Boden and re-elected Chang Liu to its board of directors. The new appointments were announced following member elections in Arizona and California.
Why it matters
The board appointments ensure continued leadership representation from regional member institutions. These directors will oversee the bank as it supports the financial services industry across its service area.
Michael Boden oversees $4.5 billion in assets at OneAZ Credit Union, while Chang Liu brings more than 31 years of experience in the financial services sector. Both directors will serve four-year terms on the board.
The players
Michael Boden
He serves as the President and Chief Executive Officer of OneAZ Credit Union.
Chang Liu
He is the President and Chief Executive Officer of Cathay Bank and has over three decades of financial industry experience.
Federal Home Loan Bank of San Francisco
It is a member-owned cooperative that provides liquidity and funding to financial institutions in Arizona, California, and Nevada.
The details
Michael Boden, the President and CEO of OneAZ Credit Union, joins the board as the Arizona member director. Chang Liu, President and CEO of Cathay Bank, returns to the board as the California member director.
Timeline
The election results were officially announced on October 1, 2026.
The four-year terms for both directors begin on January 1, 2027.
The designated terms conclude on December 31, 2030.
Market Landscape
This election follows the established governance structure set by the Federal Home Loan Bank System for regional member banks. The appointments solidify the representation of member financial institutions within the broader Federal Home Loan Bank of San Francisco cooperative.
The new board composition ensures that local member institutions continue to have a direct voice in the bank's regional lending and support initiatives. Customers of member banks may experience stable access to liquidity services as these new directors begin their oversight roles in 2027.
The takeaway
Effective board leadership is critical for regional cooperatives to maintain financial health for their local member institutions. Investors and bank members should monitor board changes to understand the long-term strategic direction of the cooperative.
Further reading
For more on industry leadership changes, visit People.
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