WASHINGTON — Dean Schultz, the long-time head of the Federal Home Loan Bank of San Francisco, is planning to retire next spring once his successor has been appointed, the bank said Friday.

Schultz has served as the president and chief executive for 23 years. The San Francisco bank's board of directors has selected executive search firm Spencer Stuart to begin the search for a new president and CEO.

Schultz plans to step down "after April 30, 2015 once his successor has been appointed," the bank said.

Schultz became president and CEO of the Home Loan Bank in April 1991.

The announcement comes after the Seattle and Des Moines Home Loan Banks have reached a tentative agreement for a voluntary merger. If completed, it would to be the first voluntary merger in the history of the FHLB System.

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