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 FIRST Credit Union style Bank in Canada - South Rustico, PEI Posted by:  T0SHEA
N 46° 25.397 W 063° 17.003
20T E 478225 N 5141117
Situated in one of the oldest communities on Prince Edward Island, the Farmers' Bank was the forerunner of Credit Unions in Canada.
Waymark Code: WMP45W
Location: Prince Edward Island, Canada
Date Posted: 06/27/2015
Views: 2
Of wood frame construction, faced with sandstone, this bank heralded the credit union movement in Canada, providing the blueprint and the impetus for the movement. It was constructed beside St. Augustine Church from 1861 to 1863 by St. Augustine parish priest Georges Antoine Belcourt and directed by farmers and fishermen.
Designated a National Historic Site of Canada on May 25, 1959, the bank was also recognized as a Provincial Heritage Place on May 10, 2011. Now a museum, the former bank houses an exhibit of the Rustico Acadians.
Below is a description of the bank, from the website of The Museum, while further below is the Statement of Significance from Historic Places Canada, preceded by text from the plaque at the site.
The Farmers' Bank of Rustico is a building of national importance, an important monument of P.E.I. architecture as well as a symbol of Acadian survival. The Bank operated from 1864 to 1894 and was an important link in the establishment of "Les Caisses populaires" in Quebec and "Credit Unions" in the rest of Canada.
The building is a legacy of an extraordinary person, Reverend Georges-Antoine Belcourt, parish priest of Rustico from 1859 to 1869. On arriving in Rustico, he noted the lack of education and the extreme economic hardships of the inhabitants. He organized the "Catholic Institute" with over 250 members. Meetings and study clubs resulted in the establishment of the Bank which provided loans to farmers at reasonable rates of interest. The Bank operated for thirty years but was forced to close its doors as a result of the passage of the Bank Act in 1871.
Father Belcourt and his parishioners constructed a building sixty by forty feet in dimensions. The building was of frame construction covered on all sides with sandstone. It was a very imposing structure and built to denote the strength and solidity deserving of a bank. It served as a Parish Hall for many years and is now used as a Museum to commemorate the work accomplished by Father Belcourt during his stay in Rustico.
Farmers' Bank of Rustico
THE CNHS PLAQUE
Under the leadership of Rev. G.A. Belcourt, a former pioneer missionary in the West, his parishioners erected this building to house one of the first people's banks in Canada. Chartered in 1864, and directed by farmers and fishermen, it continued to operate until 1894 and foreshadowed the development of the credit union movement. The bank, by providing cheap credit, enabled the people of this predominantly Acadian community to gain economic independence.
DESCRIPTION OF HISTORIC PLACE
The Farmers' Bank of Rustico is a two-and-one-half storey Prince Edward Island sandstone building with a slate roof in the British Classical architectural style.
HERITAGE VALUE
The Farmers' Bank of Rustico is valued for its age, construction materials and method, its integrity of original architectural elements, and its historical associations.
Construction of the Farmers' Bank of Rustico began in 1861 and was completed in 1864. Built of Prince Edward Island sandstone, quarried locally from Rustico and St. Ann's, seventeen different cuts in the stones suggest that numerous people worked on the construction of this building. Father Georges-Antoine Belcourt (1803-1874), the parish priest for the Acadian community of Rustico between 1859 and 1869, designed and supervised the construction of the building. Belcourt was a dynamic community leader who encouraged education through his lending library and the establishment of a Catholic Institute with a membership of 250. This study group's meetings led to the establishment of a bank to provide loans at a reasonable rate of interest to farmers.
The Farmers' Bank or people's bank was a precursor to credit unions and inspired the later caisse populaire movement in Quebec. The Bank issued its own currency and was in operation for approximately 30 years until it wound up operations in 1894. In 1959 the Farmers' Bank was declared a national historic site, and in the same year Father Georges-Antoine Belcourt was designated a person of national historic significance and a commemorative plaque was placed at the Bank in 1971. Father Georges-Antoine Belcourt ministered to the community of Rustico following several years of missionary work at Red River, Manitoba and North Dakota.
The building has been used as a community centre for many years, serving as a bank, parish hall, meeting and social place, and a museum. In 1993, the Friends of the Farmers' Bank was established to advocate for its importance and restoration. In 1998 the group acquired the property. Following extensive work to the building during the 1990s, the Bank has been restored to its full glory. The Farmers' Bank of Rustico continues to operate seasonally as a museum under the direction of the Friends of the Farmers' Bank of Rustico.
Valued for its architecture and significance to the social and economic history of its community, the province and the country, its associations with the Acadian community and Father Georges-Antoine Belcourt, the Farmers' Bank of Rustico continues to be an important landmark in its community and province.
CHARACTER-DEFINING ELEMENTS
The heritage value of the building is shown in the following character-defining elements:
- the two-and-one-half storey massing
- the Prince Edward Island sandstone construction
- the medium-pitched gable roof, clad in slate
- the eaves
- the chimneys incorporated into the gable-end walls
- the placement of the doors
- the symmetrical placement of the windows
- the series of regularly placed multi-paned windows on each elevation
- the square vault projecting from the west wall
- the string courses of projecting sandstone under the windows of the first and second storeys
From Historic Places Canada
FIRST - Classification Variable: Item or Event
Date of FIRST: 04/21/1863
More Information - Web URL: [Web Link]
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