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Minority Banking Timeline


Abacus Federal Savings Bank

Founded in December 1984, the Abacus Federal Savings Bank was formed to provide banking services to Chinese immigrants and local residents of lower Manhattan in New York City. The principal organizer was Thomas Sung, an attorney active in community affairs.

The Abacus Federal Savings Bank, one of the first banks owned by Chinese Americans in the United States, established banking correspondent relationships with banks in China and Taiwan.

The Abacus Federal Savings Bank has expanded its services to include insurance and securities activities through its subsidiaries. The bank is federally chartered. The bank has branches in New York, New Jersey, and Pennsylvania.


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