Vitaliy (Maksimenko) and his efforts to create the Pochaiv Bank

Abstract

Drawing on previously unpublished archival sources and new materials of periodicals of the Volhynian province, the article examines the history of The Pochaev-Volhynian People's Loan Society and the role of Archimandrite Vitaly (Maksimenko) in the creation of the Pochaiv Bank. Particular attention is paid to the analysis of historical realities and the problems Father Vitaly had to face during the implementation of this project. In the early 20th century, several factors influenced the agrarian question in the Volhynian Governorate. The price of the fertile lands of this region was constantly growing, and the Volhynian peasants could not compete with the expansion of the non-native population (Jews, Poles, Germans). Having no alternative and suffering from a lack of land, the peasants were forced to borrow money either at an extremely high percentage from the Jews, or on very difficult terms from the landowners. To alleviate the situation of the Volhynian peasantry, Vitaly (Maksimenko) created a credit institution to give loans to the needy at a lower interest rate than those offered by usurers and landowners. Those who own excess funds could get a high interest rate on deposits. Having concentrated in his hands the editorial of the Pochaev Lavra and the leadership of the Pochaev Department of the Union of the Russian People, Archimandrite Vitaliy (Maksimenko) achieved the main goal of alleviating the situation of land-poor peasants. Despite the difficulties and obstacles that arose from both ideological opponents and local authorities, managed to create a large-scale banking institution with an extensive network of branches.