Long Island Bank facts for kids
| Industry | Banking |
|---|---|
| Founded | April 1, 1824 |
| Headquarters | Brooklyn, New York |
The Long Island Bank was the first bank in Brooklyn, 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. Its offices were at 7 Front Street in Brooklyn. The first President was Leffert Lefferts.
In 1867, William S. Herriman, president of the bank, died and was replaced by William C. Fowler.
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Long Island Bank Facts for Kids. Kiddle Encyclopedia.