Long Island Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 1, 1877*
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 8c643a4d

Response Measures

None

Description

The article reports the Long Island Savings Bank suspended in 1877 and is now (article dated 1885-01-23) beginning to pay remaining amounts to depositors—indicating a suspension followed by permanent closure/liquidation rather than a reopening. No run is described and no specific cause for the 1877 suspension is given in the text.

Events (2)

1. January 1, 1877* Suspension

Cause Details: Article does not state the reason for the 1877 suspension.
Newspaper Excerpt: The Long Island Savings Bank, which suspended in 1877, ...
Source: newspapers

2. January 23, 1885 Other

Newspaper Excerpt: The Long Island Savings Bank ... will begin on Monday to pay off the remaining 6½ per cent ($25,000) due to depositors.
Source: newspapers

Newspaper Articles (1)

1. January 23, 1885 New-York Tribune New York, NY

Article from New-York Tribune, January 23, 1885

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Article Text

BROOKLYN. It is proposed to limit the number of Democrats who will go in a body to Washington on-March 4 to 150. Only 108 have thus far signified their purpose of going. The expense is $50. The hearing in the case of Colonel Charles Morton, ex-Assistant Postmaster, who is charged with embezzling $137 from the Government, was adjourned for a week yesterday, owing to the absence of Inspector Newcomb, who is in New-Orleans. President Hazzard, of the Brookiyn City Railroad Company, says that the company could afford to pay its men $3 a day instead of $2. It is overrun with applicants for work at the present rates. The company pays 14 per cent dividends to its stockholders. The Kings County Wheelmen gave their fourth annual reception last evening at Knickerbocker Hall, in Clymer-st. The most interesting feature of the entertainment was a bicycle-drill by members of the club, followed by a display of fancy riding by W. D. Bloodgood. The Long Island Savings Bank. which suspended in 1877, will begin on Monday to pay off the remaining 6½ per cent ($25,000) due to depositors. When the bank closed there was $800,000 due to depositors, about half of whom chose to settle at once for 80 per cent. The others are to be paid in full except interest. The building at Fulton-St. and Boerum-place has been sold recently for $88,000, its cost having been $200,000.