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- Farmers'_Bank_of_Rustico abstract "The Farmers' Bank of Rustico operated in the village of Rustico, (municipality of North 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 Rustico 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 as dividends. The Farmers' Bank was also one of the earliest manifestations of a strong movement of Acadian economic self-determination. Belcourt's innovative ideas also gave rise to dozens of seed grain banks in Acadian communities in the 1860s, including one in Egmont Bay that was a precursor to the later co-operative movement in the Evangeline region of the Island. The Bank also anticipated Mouvement des caisses populaires acadiennes, a 200,000 member network of credit unions in New Brunswick. As such, it played an important role in the development of the Acadian community in the Maritimes. In the view of MacDonald, "the steady availability of cheap credit for thirty years enabled the predominantly Acadian community to attain economic independence." However, the Canadian Bank Act of 1871 did not envision such small financial institutions, and the Farmers' Bank wound up its operations when its charter was not renewed in 1894.".
- Farmers'_Bank_of_Rustico thumbnail Banque_des_fermiers_de_Rustico.jpg?width=300.
- Farmers'_Bank_of_Rustico wikiPageExternalLink en.
- Farmers'_Bank_of_Rustico wikiPageExternalLink www.farmersbank.ca.
- Farmers'_Bank_of_Rustico wikiPageID "11210033".
- Farmers'_Bank_of_Rustico wikiPageRevisionID "580278774".
- Farmers'_Bank_of_Rustico hasPhotoCollection Farmers'_Bank_of_Rustico.
- Farmers'_Bank_of_Rustico subject Category:1894_disestablishments_in_Canada.
- Farmers'_Bank_of_Rustico subject Category:Acadia.
- Farmers'_Bank_of_Rustico subject Category:Banks_established_in_1864.
- Farmers'_Bank_of_Rustico subject Category:Buildings_and_structures_in_Queens_County,_Prince_Edward_Island.
- Farmers'_Bank_of_Rustico subject Category:Companies_based_in_Prince_Edward_Island.
- Farmers'_Bank_of_Rustico subject Category:Companies_disestablished_in_1894.
- Farmers'_Bank_of_Rustico subject Category:Cooperatives_in_Canada.
- Farmers'_Bank_of_Rustico subject Category:Defunct_banks_of_Canada.
- Farmers'_Bank_of_Rustico subject Category:History_museums_in_Canada.
- Farmers'_Bank_of_Rustico subject Category:Microfinance_organizations.
- Farmers'_Bank_of_Rustico subject Category:Museums_in_Prince_Edward_Island.
- Farmers'_Bank_of_Rustico subject Category:National_Historic_Sites_in_Prince_Edward_Island.
- Farmers'_Bank_of_Rustico subject Category:Rural_community_development.
- Farmers'_Bank_of_Rustico type Abstraction100002137.
- Farmers'_Bank_of_Rustico type BanksEstablishedIn1864.
- Farmers'_Bank_of_Rustico type CommercialEnterprise108065093.
- Farmers'_Bank_of_Rustico type CompaniesBasedInPrinceEdwardIsland.
- Farmers'_Bank_of_Rustico type CompaniesDisestablishedInThe19thCentury.
- Farmers'_Bank_of_Rustico type Company108058098.
- Farmers'_Bank_of_Rustico type Cooperative101100877.
- Farmers'_Bank_of_Rustico type CooperativesInCanada.
- Farmers'_Bank_of_Rustico type DefunctBanksOfCanada.
- Farmers'_Bank_of_Rustico type DepositoryFinancialInstitution108420278.
- Farmers'_Bank_of_Rustico type Enterprise108056231.
- Farmers'_Bank_of_Rustico type FinancialInstitution108054721.
- Farmers'_Bank_of_Rustico type Group100031264.
- Farmers'_Bank_of_Rustico type Institution108053576.
- Farmers'_Bank_of_Rustico type MicrofinanceOrganizations.
- Farmers'_Bank_of_Rustico type Organization108008335.
- Farmers'_Bank_of_Rustico type SocialGroup107950920.
- Farmers'_Bank_of_Rustico type YagoLegalActor.
- Farmers'_Bank_of_Rustico type YagoLegalActorGeo.
- Farmers'_Bank_of_Rustico type YagoPermanentlyLocatedEntity.
- Farmers'_Bank_of_Rustico comment "The Farmers' Bank of Rustico operated in the village of Rustico, (municipality of North Rustico, Prince Edward Island) from 1864 to 1894. It is often considered to have been the first community-based bank in Canada.".
- Farmers'_Bank_of_Rustico label "Banque des fermiers de Rustico".
- Farmers'_Bank_of_Rustico label "Farmers' Bank of Rustico".
- Farmers'_Bank_of_Rustico sameAs Banque_des_fermiers_de_Rustico.
- Farmers'_Bank_of_Rustico sameAs m.02r3s2l.
- Farmers'_Bank_of_Rustico sameAs Q2883371.
- Farmers'_Bank_of_Rustico sameAs Q2883371.
- Farmers'_Bank_of_Rustico sameAs Farmers'_Bank_of_Rustico.
- Farmers'_Bank_of_Rustico wasDerivedFrom Farmers'_Bank_of_Rustico?oldid=580278774.
- Farmers'_Bank_of_Rustico depiction Banque_des_fermiers_de_Rustico.jpg.
- Farmers'_Bank_of_Rustico isPrimaryTopicOf Farmers'_Bank_of_Rustico.
