Long Island Bank

Long Island Bank

Industry	Banking
Founded	April 1, 1824; 200 years ago (April 1, 1824)
Headquarters	Brooklyn, New York

The Long Island Bank was the first bank in Brooklyn, New York.^[citation needed]

History

In the early 1820s, Brooklyn was the 16th largest inhabited place in the United States^[citation needed]; however, Brooklyn had no bank and no insurance company.

In 1824, the bank was incorporated and became the first bank in Brooklyn.^[citation needed] The initial capital of the bank was $300,000 in $50 shares. Bank notes were issued from 3 August 1824.[1][2] Its offices were at 7 Front Street in Brooklyn. The first President was Leffert Lefferts.[1]

In 1867, William S. Herriman, president of the bank, died and was replaced by William C. Fowler.[3]

In 1877 Judge Landon of Schenectedy instructed the Long Island Savings Bank trustees to wind up the affairs of the bank, with payments to start December 14, 1877.[4]

References

1. Ross, Peter (1902). A History of Long Island: From Its Earliest Settlement to the Present Time. Lewis publishing Company. pp. 401.
2. Stiles, Henry R. (1869). A History of the City of Brooklyn, Including the Old Town and Village of Brooklyn, the Town of Bushwick, and the Village and City of Williamsburgh. Volume II. Heritage Books. pp. 211–4. ISBN 978-0-7884-4164-6.
3. The Bankers' Magazine and Statistical Register. Vol. 21. 1867. p. 638.
4. "The Brooklyn Daily Eagle". Vol. 38, no. 318. 1877-11-16. p. 4. Retrieved 2024-05-13 – via NYS Historic Newspapers.