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Filling in the Map: Growth by Amalgamation
Union Bank of Halifax
Incorporated in Nova Scotia in 1856, the Union Bank of Halifax exemplified the fine banking tradition of Maritime banks. Thirteen years older than the Merchants' Bank of Halifax, the Union Bank's strength was two fold: its strong regional branch network, especially in Nova Scotia, and its superior staff of well trained Maritime bankers. However, by the 1880s it was apparent that size and breadth were the surest guarantees for a bank's survival. The Union's failure to recognize that maritime banking was becoming a part of national banking became its undoing. By 1910, the Union boasted 45 branches - all but seven were within Nova Scotia - and had lagged behind the pack in opening a branch in Montreal. It was obvious that the capital-starved Union Bank could never compete with the larger Canadian banks and in 1910, the Union's directorate agreed to Royal Bank's, then Canada's third-largest bank, offer of purchase.
The legacy of the Union Bank of Halifax certainly rested with its people. The Union's staff carried the reputation of providing good service and maintaining the highest degree of integrity. In addition, its officers prided themselves on their "democratic views" and the esprit de corps in the ranks had won the bank a reputation as a "bank of the people." Many Union staff quickly found new horizons at Royal Bank. Charles Pineo, once a Union Bank accountant in Puerto Rico, excelled in Royal Bank's international operations. Another Union accountant, Rowland Frazee would later introduce his son to Royal Bank. In 1979, Rowland Frazee junior would become Royal Bank's chief executive.
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