UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 14, 2011


FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)


         

Federally chartered corporation

 

000-51398

 

94-6000630

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

600 California Street
San Francisco, CA 94108
(Address of principal executive offices, including zip code)

(415) 616-1000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 7.01 Regulation FD Disclosure.

On April 4, 2011, Citibank (South Dakota), National Association ("Citibank South Dakota") filed a Form 8-K ("Form 8-K") with the Securities and Exchange Commission and reported that on March 29, 2011, Citibank South Dakota entered into a Plan of Merger ("Merger Agreement") with its affiliate Citibank, N.A., a national banking association ("Citibank, N.A."). Citibank, N.A. is a member of the Federal Home Loan Bank of San Francisco ("Bank") and one of the Bank's largest borrowers. According to the Form 8-K, subject to the terms of the Merger Agreement and stockholder and regulatory approvals, Citibank South Dakota will be merged into Citibank, N.A. In accordance with the Merger Agreement, the main office of the Citibank, N.A. will be in Sioux Falls, South Dakota. In that case, Citibank, N.A. would no longer be eligible for membership in the Bank. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

Federal Home Loan Bank of San Francisco

     

Date:  April 15, 2011

 

By:               /s/ Lisa B. MacMillen                       

   

       Lisa B. MacMillen
       Executive Vice President and Chief Operating Officer