George Peters Rea (1894 – 1978) was a banker, president of the

Drexel Institute of Technology Drexel University is a private research university with its main campus in Philadelphia, Pennsylvania. Drexel's undergraduate school was founded in 1891 by Anthony J. Drexel, a financier and philanthropist. Founded as Drexel Institute of Art, Sc ...

, and the first paid president of what is now the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was know ...

Early life

Born in

Buffalo, New York Buffalo is the second-largest city in the U.S. state of New York (behind only New York City) and the seat of Erie County. It is at the eastern end of Lake Erie, at the head of the Niagara River, and is across the Canadian border from Sou ...

Rea attended

Cornell University Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to tea ...

and graduated in 1915. After graduating, Rea served as a

bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...

salesman for the Guaranty Trust Company before the war. In 1917, Rea entered the army during

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

and served one year overseas until was discharged as Captain in the 308th Machine Gun Battalion with the A.E.F. It was while in service in the trenches in World War I that he was exposed to mustard gas, contributing to breathing difficulties throughout his later life.

Banking

Starting in 1925, Rea worked for Fidelity Trust Co. for four years as chief for its underwriting department, and then as vice president. During that time, he acted as the first president of the Buffalo Stock Exchange in 1928. In 1929, Rea left Colorado to join Goldman Sachs in New York. When the trust department declined Rea left and became an independent bank consultant. In 1931, Rea was offered the presidency of the Bishop National Bank of Honolulu. During his time, the bank's assets rose from $30 to $50 million. He was also responsible for taking an unstable bank and making it "one of the strongest institutions in the country." Rea retired in December 1938. After an extended vacation abroad with his wife, Rea returned to the United States and was approached about the position of president of the

New York Curb Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

in 1939. A week after his arrival back in the states, he was unanimously elected as the first paid president in the history of the Curb Exchange. He was paid $25,000 per year and held the position for 3 years before offering his resignation in 1942. He left the position having "done such a good job that there is virtually no need for a full-time successor."

Drexel Institute

In July 1942, after the death of

Parke Kolbe Parke Rexford Kolbe (Ohio, 1881 – February 28, 1942) was an American author, teacher, administrator, and president of three educational institutions; University of Akron, Polytechnic Institute of New York University, and Drexel University. Earl ...

, Rea was offered the presidency of the Drexel Institute of Technology. At the time he assumed office, August 1, 1942, it was said that he was "one of the youngest college president in the country." When Rea assumed presidency the Institute was undergoing financial and enrollment hardships due to

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing ...

. Rea had a laid back style when dealing with students and staff, however, his methods in running the school were controversial, bringing forceful negative and positive responses. His bold decisions were often made without the agreement of the faculty senate or without regard to popular opinion, and his personal style of handling matters was laid back and informal. This casual atmosphere failed to address the problems that the hardships of the war had brought the Institution. After 2 years with the Institute, Rea resigned in 1944 citing a "wish to return to private business."

Later life

At the age of 62 Rea was appointed the governor of the State Bank of

Ethiopia Ethiopia, , om, Itiyoophiyaa, so, Itoobiya, ti, ኢትዮጵያ, Ítiyop'iya, aa, Itiyoppiya officially the Federal Democratic Republic of Ethiopia, is a landlocked country in the Horn of Africa. It shares borders with Eritrea to the ...

. He served in that position until 1959 when he returned to New York at the age of 65. Rea died in 1978.

References

{{DEFAULTSORT:Rea, George 1894 births 1978 deaths Cornell University alumni Businesspeople from Buffalo, New York Year of death unknown Date of death unknown American bankers 20th-century American businesspeople 20th-century American academics