Long Island Bank
From Wikipedia, the free encyclopedia
The Long Island Bank was the first bank in Brooklyn, New York.[citation needed]
| Industry | Banking |
|---|---|
| Founded | April 1, 1824 |
| Headquarters | Brooklyn, New York |
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]
