Bremer Financial Corporation President and CEO Jeanne Crain has been elected to the Federal Reserve Bank of Minneapolis’ board of directors, for a term beginning January 1, 2019. Crain was elected by the member banks in Group 1 as a Class A director, and will serve a three-year term.
Crain joined Bremer Financial Corporation in 2012 as region CEO of Bremer Bank Twin Cities and group president of the company’s financial services business and was promoted to her current role in 2016. Prior to joining Bremer, Crain was the regional president of BMO Harris Bank. She held the same role at M&I Bank before the company was acquired in 2007. Previously, Crain held senior leadership positions at Marquette Capital Bank in Minneapolis and Bank One Milwaukee. She began her career in the industry as a commercial banker at First Bank Grand Forks in North Dakota.
“I am honored to have the opportunity to interact with and learn from so many talented people on this board,” said Crain. “And as a professional in the banking industry, I look forward to sharing insights from the customers and communities we serve.”
Crain currently serves on the board of the Greater Twin Cities United Way and the YMCA Twin Cities. She also recently co-chaired the Minnesota Task Force on Housing. Crain earned a master’s in business administration from Marquette University and has a bachelor’s degree from the University of North Dakota, where she was a 2018 recipient of the Sioux Award, the highest honor given by the Alumni Association & Foundation for achievement, service, and loyalty.
About the Minneapolis Federal Reserve Board of Directors
Minneapolis Fed directors are selected to represent a cross section of the Ninth District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes. Pursuant to the Federal Reserve Act, the Federal Reserve Bank of Minneapolis board has nine members, with three Class A directors representing the member banks and three each of Class B and C directors, selected to represent the public with “due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.” Member banks are stockholders of the Reserve Bank in their District and as such, are required to hold 3 percent of their capital as stock in their Reserve Banks. The Class A and B directors are elected by member banks, and the Class C directors are appointed by the Board of Governors, which also designates the board’s chair and deputy chair from among its three appointees.
The responsibilities of directors are broad, ranging from overseeing the general operations of the Minneapolis Fed to reporting on district economic conditions. This information helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.