Abacus Federal Savings Bank is a community-focused financial institution founded in 1984 by Thomas Sung to serve the unique banking needs of the Chinese-American immigrant community in New York City. It has since expanded its services and reach, offering a range of personal and business banking products, including checking and savings accounts, loans, mortgages, and trade financing. The bank gained wider public recognition following the 2008 financial crisis and the subsequent documentary 'Abacus: Small Enough to Jail,' which detailed its legal battle against mortgage fraud charges, of which it was ultimately acquitted. Abacus Bank remains committed to providing accessible financial services and fostering economic growth within the communities it serves.
The headquarters serves as the central administrative and operational hub for the bank, overseeing all branch activities, strategic planning, compliance, loan origination and servicing, and core banking functions.
Located in a prominent area of Chinatown, the headquarters is easily accessible. While primarily a functional banking office, its presence signifies a cornerstone financial institution for the local community. The interior is designed to be welcoming to its customer base, often with multilingual staff.
The work culture at Abacus Bank's headquarters is characterized by a strong sense of community service, dedication to its customers, and resilience. There's an emphasis on understanding the specific financial needs of its immigrant client base and providing personalized service. Bilingualism (Mandarin/Cantonese and English) is highly valued.
The headquarters is significant not only as the operational center of the bank but also as a symbol of financial empowerment for the Chinese-American community. Its location in Chinatown underscores its dedication to serving this demographic directly.
Abacus Federal Savings Bank primarily operates within the United States, with branches concentrated in New York, New Jersey, and Pennsylvania. Its focus is on serving domestic communities, particularly the Chinese-American population. While it facilitates international transactions like wire transfers for its customers, it does not maintain physical branches or a significant operational presence outside the USA.
6 Bowery
New York
NY
USA
Address: 5121 8th Avenue, Brooklyn, NY 11220
To provide accessible banking services and financial support to individuals and businesses in the Brooklyn borough, fostering local economic activity.
Address: 135-27 Roosevelt Avenue, Flushing, NY 11354
To serve the diverse financial needs of the rapidly growing Queens community, offering convenient access to banking products and community-focused financial guidance.
Address: 180 Talmadge Road, Edison, NJ 08817
To support the financial needs of the growing Asian-American population in Middlesex County and surrounding areas in New Jersey.
Address: 1001 Arch Street, Philadelphia, PA 19107
To establish a banking presence and offer dedicated financial services to the Chinese-American community in Philadelphia, contributing to local development.
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As of April 2025, Abacus Federal Savings Bank' leadership includes:
Abacus Federal Savings Bank has been backed by several prominent investors over the years, including:
Publicly available information on executive new hires or exits at Abacus Federal Savings Bank in the last 12 months is limited. The bank is known for its stable, family-led leadership.
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Abacus Federal Savings Bank likely uses a consistent email format for its employees, typically incorporating the employee's name and the company domain. A common professional format would be the first initial followed by the last name.
[first_initial][last]@abacusbank.com
Format
jsung@abacusbank.com
Example
80%
Success rate
FDIC • May 16, 2024
FDIC Makes Public April Enforcement Actions. No actions listed for Abacus Federal Savings Bank, indicating good standing....more
AsAmNews • September 14, 2023
Thomas Sung, founder of Abacus Federal Savings Bank, reflects on his life and the bank's journey in an interview, highlighting its commitment to the community....more
The New York Times • February 17, 2017
A feature article discussing the aftermath of the 'Abacus: Small Enough to Jail' documentary and the bank's acquittal, detailing its significance to the Chinatown community....more
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