Long Island Bank facts for kids

The Long Island Bank was a very important bank. It was the first bank ever opened in Brooklyn, New York.

The First Bank in Brooklyn

In the early 1820s, Brooklyn was growing fast. It was already the 16th largest place in the United States! But even with so many people, Brooklyn didn't have its own bank. It also didn't have an insurance company. This meant people had nowhere local to keep their money safe or get loans.

Having a bank nearby is super helpful. It allows people to save money, borrow money for homes or businesses, and handle payments easily. Without a bank, people had to travel to other towns for these services.

Starting the Bank

To help Brooklyn grow even more, the Long Island Bank was created. In 1824, it officially became a company. This made it the very first bank in Brooklyn!

The bank started with a lot of money, called "capital." It had $300,000, which was a huge amount back then. This money was divided into "shares," with each share costing $50. People could buy these shares to own a small part of the bank.

The Long Island Bank began issuing its own "bank notes" on August 3, 1824. These notes were like the paper money we use today. The bank's first office was located at 7 Front Street in Brooklyn. The first person to lead the bank as its President was a man named Leffert Lefferts.

Changes Over Time

Years later, in 1867, the bank's president, William S. Herriman, passed away. Another person, William C. Fowler, then took over as the new president.

The Long Island Bank continued to serve the community for many years. However, in 1877, a judge named Landon from Schenectady made a decision. He told the people in charge of the Long Island Savings Bank to "wind up its affairs." This means the bank was going to close down. Payments to people who had money in the bank started on December 14, 1877.