The Farmers' Bank of Rustico
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Farmers' Bank

Interviews


Edward Blanchard

 

Farmers' Bank
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Farmers' Bank Operations ( 1:49 min 2.8 MB )

TRANSCRIPT:

The bank operations were supervised very closely by Father Belcourt. He was, more or less the CEO, although he wasn't a director of the bank, he was the CEO of the bank. He supervised and controlled all of the banks operations quite closely because he was really the man behind organizing and setting up the bank and he wanted to ensure that the bank operated successfully.

And it did operate very successfully, so much so that from the very first years the bank paid dividends to its share holders of about ten percent in the first years and even eight and six percent in later years. And possibly if we look back that may be one of the reasons that the bank failed was because it had not provided enough reserves for it to keep going.

However, the bank was organized as such and Father Belcourt in his writings to his friend Edmé Rameau de Saint-Père never at any time called it a Credit Union. It was very likely that the word credit union at that time, in the 1860's, was unknown. So, Father Belcourt when he wrote to his friend he always mentioned that it was a savings bank or a peoples' bank or a cooperative bank.

that's the way he called the Farmers' Bank, he never said that it was a Credit Union.

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