Long Island Bank facts for kids
| Industry | Banking |
|---|---|
| Founded | April 1, 1824 |
| Headquarters | Brooklyn, New York |
The Long Island Bank was a very important place in Brooklyn, New York. It was the very first bank to open its doors in Brooklyn.
The First Bank in Brooklyn
In the early 1820s, Brooklyn was growing fast. It was one of the biggest towns in the United States. Even though it was a large place, Brooklyn did not have its own bank. It also did not have an insurance company.
In 1824, the idea for a bank became real. The Long Island Bank was officially started. This made it Brooklyn's very first bank.
How the Bank Started
The bank began with a starting amount of money called "initial capital." This was $300,000. This money was divided into small parts called "shares." Each share cost $50.
The bank started printing its own money, called "bank notes," on August 3, 1824. The main office for the bank was located at 7 Front Street in Brooklyn.
Bank Leaders
The first person in charge of the Long Island Bank was Leffert Lefferts. He was called the President of the bank.
Later, in 1867, another president named William S. Herriman passed away. After his death, William C. Fowler took over as the new President of the bank.
