Long Island Bank

The Long Island Bank, established 1 April 1824, was the first bank in Brooklyn, New York.[1][2] Its offices were at Front Street, Brooklyn. The first President was Leffert Lefferts.[1] William S. Herriman was President until his death in 1867 when he was replaced by William C. Fowler.[3]

In the early 1820s, Brooklyn was the sixteenth largest inhabited place in the United States and local businessmen complained that banking was difficult as they were unknown to banks in New York and were separated from that city by a mile of water. Brooklyn had no bank and no insurance company. The act of incorporation of the Long Island Bank was passed on 23 March 1824 and passed by the Senate on 1 April 1824. It received the approval of the Governor the same day and thus became a law of the State. The initial capital of the bank was $300,000 in $50 shares. Bank notes were issued from 3 August 1824.[2]

References

  1. 1 2 Longworth's American Almanac: New-York Register and City Directory. New York: T. Longworth. 1834. p. 48.
  2. 1 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. Brooklyn. pp. 211–4. ISBN 978-0-7884-4164-6.
  3. ↑ The Bankers' Magazine and Statistical Register. 21. 1867. p. 638.


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