Chairman and CEO of The Marvin Companies Will Continue to Head One of 12 Reserve Banks
WARROAD, Minn., August 11, 2010 – John W. (Jake) Marvin, Chairman and CEO of The Marvin Companies, has been selected by the Federal Reserve Board of Governors to serve another term as chair of the Federal Reserve Bank of Minneapolis. Marvin’s new term will expire Dec. 31, 2011.
The Minneapolis bank is one of 12 regional Federal Reserve Banks across the country. As chair, Marvin heads a nine-person board of directors overseeing the bank’s operations. The Minneapolis bank serves the 9th Federal Reserve District, encompassing Minnesota, North Dakota, South Dakota, Montana and portions of northern Wisconsin and Michigan.
“I’m honored that the Board of Governors has again entrusted me with leading the Minneapolis bank,” Marvin said. “It’s a great responsibility, and I look forward to working with the bank’s outstanding staff and my fellow directors to support the growth and health of businesses in our district.”
The Federal Reserve Bank of Minneapolis works to promote safety and soundness in the nation’s banking system. The bank also gathers and analyzes economic data and research in its district; operates an electronic payment system for financial institutions; provides coins and currency in the district; and works to encourage community investment.
Marvin is Chairman and Chief Executive Officer of The Marvin Companies, headquartered in Warroad, Minn. The Marvin Companies includes three window and door companies: Marvin Windows and Doors; Integrity Windows and Doors; and Infinity Replacement Windows.
A graduate of Parsons College in Iowa, Marvin holds a Doctor of Jurisprudence degree from the University of Houston. He has worked for The Marvin Companies since 1974 and has served on the board of the Federal Reserve Bank of Minneapolis since 2006.
Marvin also serves on the board of directors of Hubbard Broadcasting, Inc.; on the Executive Committee of the Minnesota Business Partnership; and on the board of directors of the Northwestern Minnesota Manufacturers Association.