| Long Island Bank | |
| Industry: | Banking |
| Location: | Brooklyn, New York |
The Long Island Bank was the first bank in Brooklyn, New York.
In the early 1820s, Brooklyn was the 16th largest inhabited place in the United States; however, Brooklyn had no bank and no insurance company.
In 1824, the bank was incorporated and became the first bank in Brooklyn. 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.
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]