Farmers' Bank of Rustico
Rustico, Canada
The Farmers' Bank of Rustico operated in the village of Rustico, Prince Edward Island, from 1864 to 1894. It is often considered to have been the first community-based bank in Canada. Founded and managed under the leadership of Father Georges-Antoine Belcourt (1803-1874), the Farmer's Bank of Rustic
o was established on April 21, 1863. The bank received Royal Assent for its act of incorporation at the Court of Windsor on April 7, 1864." The first president was farmer Jerome Doiron, and the first cashier was Marinus Blanchard, a local school teacher. The Farmers' Bank "was the precursor of the North American credit union movement through its influence upon the pioneer credit union organizer, Alphonse Desjardins of Quebec." Like the later credit unions, the Farmers' Bank accepted deposits and provided loans, primarily for less than 1 year. It showed that villagers could successfully operate a financial institution without the assistance of banking experts. However, there are also important differences. The Bank issued its own currency and kept its working funds in specie. But it never built up a substantial reserve fund—preferring to return most of its annual profits to shareholders...
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- North Rustico Harbour Light monumenti · 4 km away
- Green Gables musei · 11 km away