Long Island Bank

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

Long Island Bank
IndustryBanking
FoundedApril 1, 1824 (April 1, 1824)
HeadquartersBrooklyn, 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.[1]

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

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. pp. 211–4. ISBN 978-0-7884-4164-6.
  3. The Bankers' Magazine and Statistical Register. Vol. 21. 1867. p. 638.


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