Long Island Bank Explained

Long Island Bank
Industry:Banking
Location:Brooklyn, New York

The Long Island Bank was the first bank in Brooklyn, New York.

History

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]

Notes and References

  1. Book: Ross, Peter . A History of Long Island: From Its Earliest Settlement to the Present Time . 1902 . Lewis publishing Company . 401.
  2. Book: Stiles, Henry R. . 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 . 1869 . 978-0-7884-4164-6 . 211–4. Heritage Books .
  3. Book: The Bankers' Magazine and Statistical Register . 21 . 638 . 1867.
  4. News: The Brooklyn Daily Eagle . 38 . 318 . 1877-11-16 . 4 . NYS Historic Newspapers . 2024-05-13 . none.