Seattle Foundation CEO Phyllis Campbell is stepping down at the end of the month to become chairman of JPMorgan Chase & Co.'s Pacific Northwest business. A formal announcement by the bank is pending.

Campbell is a lifelong resident of the Pacific Northwest, where she earned her bachelor's degree from WSU and MBA from UW.

Campbell, who has headed the Seattle's largest community foundation for the last six years, will become the bank's senior executive in Washington, Oregon and Idaho. JPMorgan Chase acquired Washington Mutual's banking operations last September.

"I am excited to join a world-class firm and to help build on the community legacy forged by Washington Mutual," Campbell said in a statement. "Returning to my banking roots and staying in the community I love is a wonderful combination for me."

She spent three decades in banking, including as CEO of U.S. Bank of Washington, handling private banking, commercial banking and retail banking -- all areas that JPMorgan Chase plans to expand in the Pacific Northwest.

"We could not have found a better person than Phyllis to lead our expansion of financial services in this important region," said JPMorgan Chase CEO Jamie Dimon said in a statement. "Phyllis's hard work, integrity and success in banking and philanthropy define true leadership in the community."

The Seattle Foundation more than doubled its total charitable assets during her tenure, focusing on education and economic opportunity. It had assets of $676 million at the end of 2007. Campbell's annual salary at the foundation was $211,200.

JPMorgan Chase plans to convert all 316 WaMu bank branches in Washington, Oregon and Idaho to its own brand by June.

It has also pledged to continue WaMu's local philanthropy, committing $2.65 million in grants to Washington non-profits in 2009, which matched WaMu's local corporate giving in 2008. The bank gave a $10 million grant to the Seattle Art Museum.

Good timing for Campbell and the bank, but her departure poses a challenge for the Seattle Foundation to find someone who can steer the umbrella organization that so many non-profits depend on through rough economic times.

The Seattle Foundation released a statement today from board chairman Bill Lewis.

"Certainly we will miss Phyllis' steady hand at the helm, but are thrilled for her..." he said. "She is a one-of-a-kind leader who leaves strength and success in her wake."

Lewis said that "while the foundation's assets have been affected by the economic downturn, our solid footing has enabled us to do more, not less, to help our community."