-95- THE FARMERSt BANK OF RUSTICO

Reverend George-Antoine Belcourt

The Farmers' Bank of Rustico was organized among a group of Acadian farmers, and Operated from ’ 1864 to 1894. It had an initial capital of 1,200 pounds, with an authorized capital of 21,200 pounds, said to have been the smallest capital of any bank in the world.

The leading spirit in the organization of the bank was the Reverend George—Antoine Belcourt, who had come to the Island after a notable career among the Indians. He is also remembered on the Island as having operated one of the first, if not the first, motor vehi- cles to be operated in Canada.

The Rustico Bank operated under colonial charter until Prince Edward Island joined Confederation in 18759 The bank's charter was renewed on a number of occasions after Confederation, but, owing to the centralizing policy of the Dominion Government respecting banks, renewal was always accorded with a view to the ultimate disap~ pearance of the bank, which finally occurred in 1894.

The historical importance of The Farmers‘ Bank of Rustico would appear to be its influence as the pred« cursor of North American credit union movement through its

influence upon the pioneer credit union organizer, Alphonse Desjardins.