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Towards the Continental Divide
Edson Loy Pease
Born in 1856 in Coteau Landing, Quebec, Edson Pease's continentalist instincts are likely attributable to the transcontinental powers of the historic St. Lawrence River and the emerging importance of the telegraph as a means of communication. A central Canadian by birth, Pease joined the Halifax branch of the Merchants' Bank of Halifax in 1883 and quickly drew the respect and confidence of bank president Thomas Kenny. Pease rapidly assumed the role of master strategist striking a balance between banking's inherent conservatism and an ambitious and progressive strategy for growth. Sensing the westward shift of the Canadian economy, Pease's first bold move was to establish a beachhead in central Canada to harness the nation's emerging corporate business. In 1887, a branch in Montreal was established with Pease at its helm. By 1907, now serving as the bank's general manager, he convinced the bank's directors of the merits of moving head office from Halifax to Montreal symbolizing the bank's coming of "national" age. In the interim, Pease had lobbied successfully for the bank's name change to the more cosmopolitan "The Royal Bank of Canada" in 1901. Coast-to-coast banking was ultimately achieved through the acquisition of five regionally based Canadian banks between 1910-1925. On the international front, he oversaw the bank's expansion into New York, Cuba, Europe, Latin America and the Caribbean. Edson Pease retired from Royal Bank in 1922 relinquishing his title as managing director. He died in France in 1930.
Throughout his illustrious banking career, Edson Pease maintained a strong strategic vision for improving Canada's banking procedures. As president of the Canadian Bankers Association from 1916 to 1919, Pease was the first to champion the creation of a central bank in Canada. Pease's modernization of Royal Bank's banking procedures ensured greater stability to lending practices and introduced staff training as a vital tool for maintaining consistent procedure and practice throughout the bank. In recognition of Edson Pease's contributions to Canadian banking, he was inducted into the Canadian Business Hall of Fame in 1996.
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