Chesterfield Couple Donates $500,000 to St. Andrew's Charity

This week, Patch introduces you to Marvin Wool, a chemist and founder of the holding company Dash Multi-Corp. Recently, Wool and his wife Harlene donated $500,000 to the St. Andrew's Charitable Foundation, which provides support and housing services for seniors.

Marvin Wool was born in St. Louis in 1928 and is a lifetime St. Louis resident. He attended St. Louis University, where he received his Bachelor of Science degree in 1948 and then his Masters in Business Administration in 1956. After graduation, Wool went to work for St. Louis-based Dennis Chemical, makers of plastic products.

Wool remained with Dennis Chemical for 11 years, but then decided to start his own company. He formed M-R Plastics and Coatings, which formulated and manufactured specialty paints and coatings. The company grew quickly and was so successful he was able to sell it a few years later.

“I sold it six years later,” Wool said. “But I continued working for the company for another three years.”

Then, he started Dash Multi-Corp, a holding company with a variety of businesses, including chemical businesses, rubber recycling, and others, Wool said.

“Some of the companies we acquired, we sold off,” Wool said. “But others we kept.”

Nearly 40 years laters, Wool remains the chairman, president and CEO of Dash Multi-Corp, which employs 700 people and operates facilities in six states.

Wool has also served as chairman of Allegiant Bank. Under Wool's direction, Allegiant Bank went from a one-location rural bank to a public company with more than 40 locations. Allegiant was eventually acquired by National City Bank, which in turn was acquired by PNC bank.

Throughout his career, Wool and his wife have been committed to philanthropic endeavors. They've served on the boards of several charitable organizations, including the Saint Louis University Board of Trustees, St. Andrew's and others.

“My wife and I believe people should do things for the benefit of others,” Wool said. “So we give away a lot of money.”

According to St. Andrew's website, the organization will use the Wool's recent $500,000 gift annuity to support fund development initiatives. Those initiatives help St. Andrew’s provide area seniors with housing and supportive services that are designed to promote their independence and quality of life. Establishing the gift as an annuity means the Wools will receive a yearly tax-advantaged payment.

As the father of three children and nine grandchildren, Wool is focused on family and is quick to emphasize that it is both he and his wife who engage in philanthropy and charitable works.

“I want to point out it's not just me,” Wool said. “My wife Harlene and I do this together.”