Farmers' Bank of Rustico facts for kids
Farmers' Bank of Rustico
|
|
| Industry | Banking |
|---|---|
| Fate | Charter not renewed |
| Founded | April 21, 1863 |
| Founder | Georges-Antoine Belcourt |
| Defunct | 1894 |
| Headquarters |
South Rustico (now Lot 24), Prince Edward Island
,
Canada
|
The Farmers' Bank of Rustico was a special bank in South Rustico, Prince Edward Island. It was open from 1864 to 1894. Many people think it was the first bank in Canada that was truly based in a community.
A leader named Father Georges-Antoine Belcourt (1803-1874) helped start and run the bank. It began on April 21, 1863. The bank officially became a company on April 7, 1864. The first president was a farmer named Jerome Doiron. The first cashier, who handled the money, was a local teacher named Marinus Blanchard.
How the Farmers' Bank Worked
The Farmers' Bank was a lot like today's credit unions. Credit unions are financial groups owned by their members. The Farmers' Bank accepted money from people (deposits). It also gave out loans, usually for less than one year.
This bank showed that regular villagers could run a successful financial place. They didn't need help from big banking experts. But the Farmers' Bank was also different from modern banks. It printed its own money! It also kept its working money in gold and silver coins. The bank didn't save much money for emergencies. Instead, it gave most of its yearly profits back to its owners.
A Bank for the Acadian Community
The Farmers' Bank was an early example of the Acadian people wanting to control their own money. Acadians are descendants of early French settlers in Canada. Father Belcourt's ideas also led to other helpful projects. For example, many seed grain banks started in Acadian areas in the 1860s. These banks helped farmers get seeds.
The Farmers' Bank also showed the way for groups like the Mouvement des caisses populaires acadiennes. This is a large group of credit unions in New Brunswick today. The bank was very important for the Acadian community. It offered loans that were easy to get for 30 years. This helped the Acadian community become more financially independent.
However, a new law called the Canadian Bank Act came out in 1871. This law didn't really allow for small banks like the Farmers' Bank. So, when the bank's permission to operate was not renewed in 1894, it had to close down.
Farmers' Bank of Rustico Museum
Today, the original Farmers' Bank of Rustico building is a National Historic Site of Canada. It is located in South Rustico, Prince Edward Island. The building was constructed between 1861 and 1863.
Now, it is a local history museum. Inside, you can learn about Father Georges-Antoine Belcourt and the bank's story. You can also discover Acadian culture. The museum also has displays about the fishing industry and the nature of the area.
Your admission to the museum includes a tour of the Doucet House. This old house was moved to the museum site in 1999. It has been fixed up to look like it did when pioneers lived there.
