WASHINGTON — The Federal Home Loan Bank of San Francisco has selected Greg Seibly to be its new president and chief executive starting May 12. He will take over from Dean Schultz, who is retiring after 25 years at the helm of the bank.

"I am honored to have been chosen to lead the Federal Home Loan Bank of San Francisco, an organization that creates a positive impact on communities throughout Arizona, California, Nevada, and the other regions served by the Bank's members," Seibly said in a press release Wednesday.

Seibly is currently president of consumer banking at Umpqua Bank in Portland, Ore. He was the president and CEO of Sterling Financial Corp. before its 2014 merger with Umpqua Bank.

Schultz intends to retire officially at the end of May. He served notice in late 2014 that he wanted to retire after April 2015 once a successor had been appointed. But it took the board some time to pick one.

"On behalf of the board of directors, I would like to express my appreciation for Dean's leadership over the last 25 years, as he led the Bank through the transformations brought about by legislation, a changing marketplace, and the financial crisis of 2007-2008 and subsequent recession," Tad Lowrey, the bank's chairman, said in announcing Seibly's selection.

Before joining Sterling in 2007, Seibly was president of U.S. Bank — California.

"The key priorities of the Bank — providing liquidity and support services to members, increasing the access to and options available in housing finance, and helping families and individuals of all income levels to obtain quality housing and realize their dream of homeownership — are all essential to building healthy communities," Seibly said.

"I look forward to working with the board of directors, the management team, and all of the talented employees at the Bank to further enhance our support of these critical initiatives," he added.

The San Francisco bank had $85.7 billion in assets through 2015 and $51 billion in advances.

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