The Farmers' Bank of Rustico
Skip to content
Next page

Farmers' Bank of Rustico

 

Precursor to the Credit Union Movement

Apart from the service which the Farmers' Bank provided to the Acadian people, it's greatest historical significance may be that of the precursor of the Desjardins cooperative credit societies, or caisses populaire of Quebec.

Alphonse Desjardins in 1892 began work as a Hansard reporter in Ottawa where he learned of the Rustico bank and its difficulties. From this lack of sensitivity evident by the government to small banks, Desjardins could see that the Canadian commercial banking structure was unsuited to the development of people's banks.

It is believed that the Farmers' Bank of Rustico influenced Alphonse Desjardins Parliamentary reporter who determinedly set about establishing the caisses populaire in Québec.

Desjardins was editor of the Gazette Royale when questions on the bank were debated in the House of Commons. The debate and his knowledge of how the Farmers' Bank would no doubt have been something he would have taken notice of parallels between the Farmers' Bank and the caisses populaire in Québec.

page 1
Alphonse DesJardins portrait

Alphonse Desjardins, founder of the credit union movement in North America. Wikipedia image archives.

Alphonse Desjardins Home

Home of Alphonse Desjardins, founder of the credit union movement in North America. Wikipedia image archives.

Father Belcourt sitting in an office.

Image of Father Georges-Antoine Belcourt. Circa 1840. Farmers' Bank Collection.

copyright Copyright