Farmers’ Bank of Rustico

The Farmers’ Bank of Rustico is a building of national historic importance, a monument of P.E.I. architecture as well as a symbol of Acadian survival. The Bank operated from 1864 to 1894 and was the precursor to the “Les Caisses populaires” in Quebec and the “Credit Unions” in North America.

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 Canadian Bank Act in 1871.

Father Belcourt and his parishioners constructed a building sixty by forty feet in dimensions. The building is a large two-and-a-half storey structure built of Island sandstone. It is a very imposing structure 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 accomplishments of Father Belcourt and to tell the story of the Acadians of Rustico.