Long_Island_Bank

Long Island Bank

Long Island Bank

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

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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. "The Brooklyn Daily Eagle". Vol. 38, no. 318. 1877-11-16. p. 4. Retrieved 2024-05-13 via NYS Historic Newspapers.



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